Exercise 11-9A (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 420,000 shares of $11 par common stock and 65,000 shares of 5 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: a. Issued 18,000 shares of common stock for $16 per share. b. Issued 11,000 shares of the class A preferred stock for $30 per share. c. Issued 59,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Common stock Paid-in capital in excess of par, CS Paid-in capital in excess of SV, PS Total Paid-In Capital Total stockholders' equity $ 288,000 $ 288,000 $ 288,000