Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3,8-4 Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 410,000 shares of $10 par common stock and 60,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 23,000 shares of common stock for $15 per share. 2. Issued 9,000 shares of the class A preferred stock for $25 per share. 3. Issued 59,000 shares of common stock for $18 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 Year 11 Stockholders' Equity Total Paid-In Capital Total stockholders' equity