Eastport inc. was organized on june 5, 2018. it was authorized to issue 460,000 shares of $12 par common stock and 40,000 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.: issued 20,000 shares of common stock for $17 per share. issued 7,000 shares of the class a preferred stock for $25 per share. issued 59,000 shares of common stock for $20 per share.