Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized on June 5. Year 1. It was authorized to issue 450,000 shares of $9 par common stock and 70,000 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 Inc: 1. Issued 22,000 shares of common stock for $14 per share. 2. Issued 14,000 shares of the class A preferred stock for $35 per share. 3. Issued 40,000 shares of common stock for $17 per share, Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INC Balance Sheet (partian For the Year Ended Year 1 Stockholders' Equity Total Paid-In Captal $ 0 Total stockholders' equity $ 0