Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 75,000 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: 1. Issued 15,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 56,000 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 Event General Journal Debit Credit Cash 225,000 Common stock Paid-in capital in excess of par value-common stock 150,000 75,000 2 Cash Preferred stock Paid-in capital in excess of stated value preferred stock 3 Cash Common stock Paid-in capital in excess of par value-common stock Stockholders' equity Common stock Preferred stock Paid-in capital in excess of stated value-preferred stock Total stockholders' equity