Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $11 par common stock and 60,000 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 20,000 shares of common stock for $16 per share.

Issued 11,000 shares of the class A preferred stock for $30 per share.

Issued 44,000 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.