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 490,000 shares of $12 par common stock and 60,000 sh of 5 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 25,000 shares of common stock for $17 per share. 2. Issued 13,000 shares of the class A preferred stock for $30 per share. 3. Issued 40,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized