Eastport inc. was organized on june 5, year 1. it was authorized to issue 440,000 shares of $10 par common stock and 60,000 shares of 4 percent cumulative class a preferred stock. the class a stock had a stated value of $25 per share. the following stock transactions pertain to eastport inc.: issued 22,000 shares of common stock for $15 per share. issued 8,000 shares of the class a preferred stock for $30 per share. issued 48,000 shares of common stock for $18 per share. required a. 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.)

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $330,000         (22,000 shares × $15)

    To Common Stock $220,000      (22,000 shares × $10)

    To  Additional Paid-in Capital in excess of par - Common Stock $110,000

 (22,000 shares × $5)

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

2. Cash A/c Dr $240,000         (8,000 shares × $30)

    To Preferred Stock $200,000      (8,000 shares × $25)

    To  Additional Paid-in Capital in excess of par - Preferred Stock $40,000

(8,000 shares × $5)

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

3. Cash A/c Dr $864,000         (48,000 shares × $18)

    To Common Stock $480,000      (48,000 shares × $10)

    To  Additional Paid-in Capital in excess of par - Common Stock $384,000    (48,000 shares × $8)

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

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