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svet-max [94.6K]
3 years ago
11

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shar

es of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.: Issued 15,000 shares of common stock for $12 per share. Issued 5,000 shares of the class A preferred stock for $51 per share. Issued 60,000 shares of common stock for $15 per share. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Kay [80]3 years ago
8 0

Answer:

The journal entries have been given as under;

Explanation:

Cash  15,000*12       Dr.$180,000

Common Stocks 15,000*10  Cr.$150,000

paid in capital-common stock 15,000*(12-10) Cr.$30,000

Cash  5,000*51   Dr.$255,000

Preferred stocks 5,000*50   Cr.$250,000

Paid in Capital-preferred stock 5,000*1         Cr.$5,000

Cash  60,000*15   Dr.$900,000

Common Stocks 60,000*10  Cr.$600,000

Paid in Capital-common stocks   60,000*(15-10)  Cr.$300,000

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