Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 390,000 shares of $11 par common stock and 45,000 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 Incorporated:

Issued 25,000 shares of common stock for $16 per share.

Issued 7,000 shares of the class A preferred stock for $30 per share.

Issued 51,000 shares of common stock for $19 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.

Journal entry worksheet Issued 7,000 shares of the class A preferred stock for $30 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Issued 25,000 shares of common stock for $16 per share. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Issued 51,000 shares of common stock for $19 per share. Record the transaction. Note: Enter debits before credits. Prepare the stockholders' equity section of the balance sheet immediately after th