Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 35,000 shares of 4 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.:

1. Issued 23,000 shares of common stock for $15 per share.
2. Issued 12,000 shares of the class A preferred stock for $30 per share.
3. Issued 54,000 shares of common stock for $18 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.)

• Issued 23,000 shares of common stock for $15 per share.
• Issued 12,000 shares of the class A preferred stock for $30 per share.
• Issued 54,000 shares of common stock for $18 per share.

Prepare the stockholders equity section of the balance sheet immediately after these transactions.