Problem: Module 3 Textbook Problem 13 Learning Objectives: - 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 480,000 shares of $10 par common stock and 75,000 strares 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 $15 per share. 2. Issued 13,000 shares of the class A preferred stock for $35 per share. 3. Issued 46,000 shares of common stock for $18 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The transactions pertain to Eastport Inc.: 1. Issued 24,000 shares of common stock for $15 per share. 2. Issued 13,000 shares of the class A preferred stock for $35 per share. 3. Issued 46,000 shares of common stock for $18 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been