Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 370,000 shares of $10 par common stock and 25,000 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 21,000 shares of common stock for $15 per share.

Issued 14,000 shares of the class A preferred stock for $35 per share.

Issued 42,000 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.