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 320,000 shares of $10 par common stock and 40,000 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 16,000 shares of common stock for $15 per share. 2. Issued 8,000 shares of the class A preferred stock for $25 per share. 3. Issued 56,000 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