Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 360,000 shares of $9 par common stock and 40,000 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 Inc.: Issued 19,000 shares of common stock for $14 per share. Issued 11,000 shares of the class A preferred stock for $25 per share. Issued 52,000 shares of common stock for $17 per share.
Prepare general journal entries for these transactions.
Answers: 1
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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 360,000 shares of $9 par c...
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