Eastport Inc. was organized on June 5, 2018. It was authorized to issue 450,000 shares of $12 par common stock and 30,000 shares of 5 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 Inc.: Issued 16,000 shares of common stock for $17 per share. Issued 10,000 shares of the class A preferred stock for $30 per share. Issued 54,000 shares of common stock for $20 per share