Journal Entries:

1. Issued 17,000 shares of common stock for $17 per share.
2. Issued 9,000 shares of the class A preferred stock for $35 per share.
3. Issued 48,000 shares of common stock for $20 per share.

Exercise 11-9A (Algo) Recording and reporting common and preferred stock transactions LO 11-4 Eastport Incorporated was organized on June 5 , Year 1 . It was authorized to issue 480,000 shares of $12 par common stock and 45,000 shares of 4 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 Incorporated: 1. Issued 17,000 shares of common stock for $17 per share. 2. Issued 9,000 shares of the class A preferred stock for $35 per share. 3. Issued 48,000 shares of common stock for $20 per share. Required a. Prepare general journal entries for these transactions. b. Prepare the stockholders' equity section of the balance sheet immediately after these transactions. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet immediately after these transactions