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 330,000 shares of $10 par common stock and 35,000 shares of 4 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: 1. Issued 16,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 45,000 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. Complete this question by entering your answers in the tabs below. Prepare general joumal entries for these transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account fleld.) Journal entry worksheet Issued 16,000 shares of common stock for $15 per share. Record the transaction. 1. Issued 16,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 45,000 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. Complete this question by entering your answers in the tabs below. Prepare general journal entries for these transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) A Issued 16,000 shares of common stock for $15 per share. Record the transaction. B Issued 14,000 shares of the class A preferred stock for $30 per share. Record the transaction. C Issued 45,000 shares of common stock for $18 per share. Record the transaction. 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 330,000 shares of $10 par common stock and 35,000 shares of 4 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: 1. Issued 16,000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 45,000 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. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet immediately after these transactions