Question

Can you please do it good and clear so I can do it very good.

Questión 2 (of 16) 2. 95.00 points Eastport Inc. was organized on June 5, 2016. 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.: 1. Issued 15,000 shares of common stock for $12 per share. 2. Issued 5,000 shares of the class A preferred stock for $51 per share. 3. Issued 60,000 shares of common stock for $15 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.) View transaction list Journal entry worksheet 2 3 Issued 15,000 shares of common stock for $12 per share.

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Event	Accounts	Debit	Credit	Working for reference
1	Cash	$   180,000		15000 Shares*12
	Common Stock		$   150,000	15000 Shares*10 Par value
	Paid in Capital, in excess of par, Common Stock		$     30,000	15000 Shares*(12-10)
	(to record issue of common shares at $12)
2	Cash	$   255,000		5000 Shares*51
	Preferred Stock		$   250,000	5000 Shares*50 Par value
	Paid in Capital, in excess of par, Preferred Stock		$        5,000	5000 Shares*(51-50)
	(to record issue of Preferred shares at $51)
3	Cash	$   900,000		60000 Shares*15
	Common Stock		$   600,000	60000 Shares*10 Par value
	Paid in Capital, in excess of par, Common Stock		$   300,000	60000 Shares*(15-10)
	(to record issue of common shares at $15)