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Prepare general journal entries for these transactions

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Question - Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 420,000 shares of $10 par common stock and 70,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Incorporated:

1. Issued 17,000 shares of common stock for $15 per share.

2. Issued 7,000 shares of the class A preferred stock for $25 per share.

3. Issued 48,000 shares of common stock for $18 per share.

Required -

a. Prepare general journal entries for these transactions.

b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions.

Reference no: EM133176428

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