recording and reporting common and preferred stock transactions

Exercise 8-7 Recording and reporting common and preferred stock transactions LO 8-3 Eastport Inc. was organized on June 5, 2018. It was authorized to issue 400,000 shares of $9 par common stock and 65,000 shares of 5 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 Inc.: 1. Issued 24,000 shares of common stock for $14 per share. 2. Issued 6,000 shares of the class A preferred stock for $35 per share. 3. Issued 58,000 shares of common stock for $17 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 2018 Stockholders' Equity Preferred stock Common stock Pald-in capital in excess of SV, PS Paid-in capital in excess of par, CS Total Pald-in Capital Retained earnings Total stockholders' equity