Eastport Inc. was organized on June 5, 2016. It was authorized to issue 330,000 shares of $10 par common stock and 45,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Inc.:

1.	Issued 16,000 shares of common stock for $15 per share.
2.	Issued 8,000 shares of the class A preferred stock for $35 per share.
3.	Issued 60,000 shares of common stock for $18 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.