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Check my work 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 440,000 shares of $12 par common stock and 45,000 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 $17 per share. 2. Issued 13,000 shares of the class A preferred stock for $25 per share. 3. Issued 49,000 shares of common stock for $20 per share. Required Prepare the stockholders' equlty 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 Preferred stock Common stock Pald-in capital in excess of SV, PS Pald-in capital in excess of par, CS $ 260,000 192,000 $ 452,000 Total Paid In Capital Appropriated retained earnings Total stockholders' equity $ 452,000