Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 330,000 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 $30 per share. The following stock transactions pertain to Eastport Incorporated:

Issued 20,000 shares of common stock for $16 per share.

Issued 10,000 shares of the class A preferred stock for $35 per share.

Issued 59,000 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.

Stockholders equity
Total stockholders equity