Exercise $11-9$A $($Algo$)$ Recording and reporting common and preferred stock transactions LO $11-4$

Eastport Incorporated was organized on June $5,$ Year $1.$ It was authorized to issue $450,000$ shares of $$8$ par common stock and $50,000$ shares of $5$ percent cumulative class A preferred stock. The class A stock had a stated value of $$30$ per share. The following stock transactions pertain to Eastport Incorporated:

a$.$ Issued $24,000$ shares of common stock for $$13$ per share.

b$.$ Issued $15,000$ shares of the class A preferred stock for $$35$ per share.

c$.$ Issued $51,000$ shares of common stock for $$16$ per share.

Required

Prepare the stockholders' equity section of the balance sheet immediately after these transactions.