1 Check my work Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $8 par common stock and 50,000 shares of 5 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 Inc.: 2.22 points eBook 1. Issued 18,000 shares of common stock for $13 per share. 2. Issued 8,000 shares of the class A preferred stock for $35 per share. 3. Issued 47,000 shares of common stock for $16 per share. Hint Print References 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 Paid-in capital in excess of SV, PS Total Paid-In Capital Total stockholders' equity