Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 13 Problem: Module 3 Textbook Problem 13 Learning Objectives: 0.5 points Mc Crow 3-11 Differentiate between common and preferred stock 3-12 Show how issuing different classes of stock affects financial statements Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $8 par common stock and 65,000 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 24,000 shares of common stock for $13 per share. 2. Issued 5,000 shares of the class A preferred stock for $30 per share. 3. Issued 45,000 shares of common stock for $16 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Answer is not complete. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Preferred stock Paid-in capital in excess of SV, CS Paid-in capital in excess of par, CS x Total Paid-In Capital $ 0 Retained earnings Total stockholders' equity $ 0 Prov 13 of 20 Next Return to question