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 490,000 shares of $9 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport inc: 1. Issued 17,000 shares of common stock for $14 per share 2. Issued 10,000 shares of the class A preferred stock for $25 per share 3. Issued 47,000 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 EASTPORTING Balance sheet (pari) For the Year Ended Year Stockholders' Equity Common stock Proferred stock Paid in capital in Koos Of SV. PS Poid-in capital in excess of par, CS $ 0 Total Paid In Capital Retained earning Total stockholders' oquity DO $