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Exercise 8-7A (Algo) Recording and reporting common and preferred stock transactions LO 8-3, 8-4 Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $9 par common stock and 70.000 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 21,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $30 per share 3. Issued 60,000 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 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 Year 1 Stockholders' Equity Total Paid-In Capital $ 0 Total stockholders equity $ 0