Eastport Incorporated was organized on June $5,$ Year $1.$ It was authorized to issue $430,000$ shares of $$9$ par common stock and $65,000$ shares of $4$ percent cumulative class A preferred stock. The class A stock had a stated value of $$30$ per share. The following stock transactions pertain to Eastport Incorporated:

Issued $20,000$ shares of common stock for $$14$ per share.

Issued $11,000$ shares of the class A preferred stock for $$35$ per share.

Issued $54,000$ shares of common stock for $$17$ 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.

Complete this question by entering your answers in the tabs below.

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.$)$

Journal entry worksheet

A

B

C

Issued $20,000$ shares of common stock for $$14$ per share. Record the transaction.