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.) 1 No Event 1 2 2 Answer is complete and correct. General Journal Cash Common stock Paid-in capital in excess of par, CS Cash Preferred stock Paid-in capital in excess of SV, PS 000 Debit Credit 180,000 150,000 255,000 S 30,000 250,000 5,000 b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Answer is not complete. Stockholders' equity Paid-in capital in excess of par, CS $330,000 Paid-in capital in excess of SV, PS 5,000 ( Paid-in capital in excess of cost Retained earnings Total stockholders' equity 1,335,000 0 $ 1,670,000 0