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 470,000 shares of $12 par common stock and 50,000 shares of 5 percent cumulative ciass A preferted stock. The class A stock had a stated value of $30 per shere. The foliowing stock transoctions pertain to Eastport inc: 1. Issued 20,000 shares of common stock for $17 per share. 2. Issued 7,000 shares of the class. A preferred stock for $35 per share: 3. Issued 49,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immeciately after these transactions have been recognized. 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 470,000 shares of $12 par common stock and 50,000 shares of 5 percent cumulative ciass A preferted stock. The class A stock had a stated value of $30 per shere. The foliowing stock transoctions pertain to Eastport inc: 1. Issued 20,000 shares of common stock for $17 per share. 2. Issued 7,000 shares of the class. A preferred stock for $35 per share: 3. Issued 49,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the balance sheet immeciately after these transactions have been recognized