5 49 oints eBook Hint Ask Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5, Year 1. It was authorized to Issue 470,000 shares of $10 par common stock and 40,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following slock transactions pertain to Eastport Incorporated: a. Issued 16,000 shares of common stock for $15 per share. b. Issued 12,000 shares of the class A preferred stock for $30 per share. c. Issued 57,000 shares of common stock for $18 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Mc EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Total stockholders' equity v Prev 5 of 12 Next 2