Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $8 par common stock and 65,000 shares of 4 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 Incorporated: 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 5,000 shares of the class A preferred stock for $35 per share. 3. Issued 50,000 shares of common stock for $16 per share. **Required** a. Prepare general journal entries for these transactions. b. Prepare the stockholders’ equity section of the balance sheet immediately after these transactions. --- **Instructions:** Complete this question by entering your answers in the tabs below. - **Required A** - **Required B** **Prepare the stockholders’ equity section of the balance sheet immediately after these transactions.** | Stockholders’ equity | | |----------------------|-----------| | | | | | | | | | | | | | | | | | | | **Total stockholders’ equity** | | \< Required A Required B > **Eastport Incorporated Stock Transactions Overview** Eastport Incorporated was organized on June 5, Year 1. The company was authorized to issue 400,000 shares of $8 par common stock and 65,000 shares of 4 percent cumulative Class A preferred stock, with the Class A stock having a stated value of $30 per share. The following stock transactions were carried out: 1. Issued 18,000 shares of common stock at $13 per share. 2. Issued 5,000 shares of Class A preferred stock at $35 per share. 3. Issued 50,000 shares of common stock at $16 per share. **Requirements** a. Prepare general journal entries for these transactions. b. Prepare the stockholders' equity section of the balance sheet immediately following these transactions. **Instructions** Enter your answers in the designated tabs labeled "Required A" and "Required B." **Journal Entry Worksheet** A sample transaction is provided to guide journal entry recording: - **Issued 18,000 shares of common stock at $13 per share. Record the transaction.** The worksheet table is organized with columns for event number, general journal description, debit, and credit amounts. Note that debits must be entered before credits. This information aids in understanding the accounting processes underlying stock issuance and provides a framework for organizing financial data accurately.