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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 400,000 shares of $10 par common stock and 30,000 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 16,000 shares of common stock for $15 per share. 2. Issued 12,000 shares of the class A preferred stock for $25 per share. 3. Issued 54,000 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 Common stock Preferred stock Paid-in capital in excess of par, CS Paid In capital in excess of SV. PS $ 0 Total Paid In Capital Retained earings Total stockholders' equity 0 0 $ Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.62,000 shares of $11 par common stock 2.5,500 shares of $100 par, 4 percent, noncumulative preferred stock On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend