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 shares 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.

Required:

a. Prepare general journal entries for these transactions.

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

Stockholders' equity
Total stockholders' equity

a.

Dr. Cash                                                                  $180,000

Cr. Common Stock                                                 $150,000

Cr. Add-in-Capital excess of par Common stock $30,000

Dr. Cash                                                                   $255,000

Cr. Preferred Stock                                                 $250,000

Cr. Add-in-Capital excess of par Preferred stock $5,000

Dr. Cash                                                                  $900,000

Cr. Common Stock                                                 $600,000

Cr. Add-in-Capital excess of par Common stock $300,000

Stockholders' equity

Common Stock (150,000 + 600,000)                  $750,000

Preferred Stock                                                     $250,000

Add-in-Capital excess of par Common stock     $330,000

($30,000 + $300,000)

Add-in-Capital excess of par Preferred stock     $5,000      

Total stockholders' equity                                   $1,335,000

Explanation:

a.

Cash receipt = 15,000 x 12 = $180,000

Common stock = 15,000 x 10 = $150,000

Add-in-Capital excess of par Common stock = $180,000 - $150,000 = $30,000

Cash receipt = 5,000 x 51 = $255,000

Common stock = 5,000 x 50 = $250,000

Add-in-Capital excess of par Preferred stock = $255,000 - $250,000 = $5,000

Cash receipt = 60,000 x 15 = $900,000

Common stock = 60,000 x 10 = $600,000

Add-in-Capital excess of par Common stock = $900,000 - $600,000 = $300,000

say it in english maybe we can

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.