porting common and preferred stock transactions LO 8-3, 8-4 Eastport Inc. was organized on June 5. Year 1. It was authorized to issue 430,000 shares of $10 par common stock and 45,000 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 19.000 shares of common stock for $15 per share. 2. Issued 14,000 shares of the class A preferred stock for $30 per share. 3. Issued 42,000 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. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Preferred stock Common stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par CS $ 0 Total Paid In Capital Retained earnings Total stockholders equity 5 0