E.Com Inc. was organized on June 5, 2011. It was authorized to issue 200,000 shares of \(\$ 5\) par common stock and 20,000 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 E.Com Inc.:

1. Issued 10,000 shares of common stock for \(\$ 8\) per share.

2. Issued 3,000 shares of the class \(A\) preferred stock for \(\$ 80\) per share.

3. Issued 80,000 shares of common stock for \(\$ 10\) 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.