Eastport Incorporated was organized on June $5,$ Year $1.$ It was authorized to issue $380,000$ shares of $$11$ par common stock and $40,000$ shares of $4$ percent cumulative class A preferred stock. The class A stock had a stated value of $$25$ per share. The following stock transactions pertain to Eastport Incorporated:

Issued $17,000$ shares of common stock for $$16$ per share.

Issued $14,000$ shares of the class A preferred stock for $$30$ per share.

Issued $60,000$ shares of common stock for $$19$ 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.