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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 $8 par common stock and 60,000 shares, of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock rransactions pertain to Eastport Inc:: 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 7,000 shares of the class A preferred stock for $25 per share. 3. Issued 52,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized