Exercise 8-7 Recording and reporting common and preferred stock transactions LO 8-3 Eastport Inc. was organized on June 5, 2018. It was authorized to issue 410,000 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 17,000 shares of common stock for $14 per share. 2. Issued 10,000 shares of the class A preferred stock for $35 per share. 3. Issued 43,000 shares of common stock for $17 per share. Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. EASTPORT INC Balance Sheet (partial) For the Year Ended 2018 Stockholders' Equity -nces Total Pald-In Capital Total stockholders' equity Exercise 8-11 Issuing stock for cash LO 8-4 Tom Yuppy, a wealthy investor, paid $29,680 for 1,060 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,120 shares of stock to Yuppy for $28 per share Required: Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank TOM YUPPY CO. Horizontal Statements Model