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 360,000 shares of $12 par common stock and 30,000 shares 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 22,000 shares of common stock for $17 per share. 2. Issued 10,000 shares of the class A preferred stock for $30 per share. 3. Issued 44,000 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 EASTPORT INC Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid In Capital Total stockholders equity