Exercise 11-9A 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 350,000 shares of $9 par common stock and 45,000 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 Inc.: 1. Issued 23,000 shares of common stock for $14 per share. 2. Issued 5,000 shares of the class A preferred stock for $30 per share. 3. Issued 59,000 shares of common stock for $17 per share. Required a. 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.) View transaction list Journal entry worksheet 2 3 Issued 23,000 shares of common stock for $14 per share. Note: Enter debits before credits. Event General Journal Debit Credit b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Stockholders' equity Total stockholders' equity