Exercise $11-9$A $($Algo$)$ Recording and reporting common and preferred stock transactions LO $11-4$

Eastport Incorporated was organized on June $5,$ Year $1.$ It was authorized to issue $460,000$ shares of $$12$ par common stock and $30,000$ shares of $5$ percent cumulative Class A preferred stock. The Class A stock had a stated value of $$30$ per share. The following stock transactions pertain to Eastport Incorporated :

Issued $18,000$ shares of common stock for $$17$ per share.

$2$ Issued $14,000$ shares of the Class A preferred stock for $$35$ per share.

$3.$ Issued $58,000$ shares of common stock for $$20$ per share.

Required

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

$\backslash$table$[[\backslash$table$[[$EASTPORT INCORPORATED$],[$Balance Sheet $($partial$)],[$For the Year Ended Year $1]],],[$Stockholders$\text{'}$ Equity,$],[$Preferred stock,$],[$Common stock, stated value,$],[$Paid$-$in capital in excess of stated value$-$common stock,$],[$Paid$-$in capital in excess of par$-$common stock,$