Problem: Module 3 Textbook Problem 13 Learning Objectives: 3-11 Differentiate between common and preferred stock 3-12 Show how issuing different classes of stock affects financial stateme Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 310,000 s 5 percent cumulative class A preferred stock. The class A stock had a stated value pertain to Eastport Inc.: 1. Issued 20,000 shares of common stock for $13 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 44,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after the EASTPORT INC. Prey 13 of 20 BL Nex Save Ebook Problems Required Prepare the stockholders' equity section of the balance sheet EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital Retained earnings Total stockholders' equity