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 410,000 shares of $10 par common stock and 40,000 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 15,000 shares of common stock for $15 per share. 2. Issued 13,000 shares of the class A preferred stock for $30 per share. 3. Issued 57,000 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 EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Preferred stock Common stock Paid-in capital in excess of SV. PS Paid-in capital in excess of par, CS $ 0 Total Paid-In Capital Retained earnings Total stockholders' equity $ 0