Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4 Eastport inc. was otganized on June 5, Year i, It was authorized to issue 380,000 shares of $11 par common stock and 30,000 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:i 1. Issued 16,000 shares of common stock for $16 per share. 2. Issued 7,000 shares of the class A preferred stock for $25 per share. 3. Issued 51,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized