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Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4
Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 450,000 shares of $12 par common stock and 35,000 sha
of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock
transactions pertain to Eastport Inc.:
1. Issued 23,000 shares of common stock for $17 per share.
2. Issued 7,000 shares of the class A preferred stock for $35 per share.
3. Issued 56,000 shares of common stock for $20 per share.
Required
Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.
FASTPORT INC.
