Eastport Inc. was organized on June 5, 2016. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc.:

1. Issued 15,000 shares of common stock for $12 per share.

2. Issued 5,000 shares of the class A preferred stock for $51 per share.

3. Issued 60,000 shares of common stock for $15 per share.

Required

a. Prepare general journal entries for these transactions.

b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.