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 370,000 shares of $9 par common stock and 30,000 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: 1. Issued 20,000 shares of common stock for $14 per share. 2. Issued 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 47,000 shares of common stock for $17 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 journal entry required" in the first account field.) Journal entry worksheet Issued 20,000 shares of common stock for $14 per share. Record the transaction. Note: Enter debits before credits. Prepare the stockholders' equity section of the balance sheet immediately after these transactions