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 330,000 shares of $8 par common stock and 60,000 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 24,000 shares of common stock for $13 per share. 2. Issued 14,000 shares of the class A preferred stock for $35 per share. 3. Issued 52,000 shares of common stock for $16 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 1 Stockholders' Equity Total Paid-in Capital $ 0 5 0 Total stockholders equity