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Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 440,000 shares of $11 par common stock and 55,000 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. 1. Issued 16,000 shares of common stock for $16 per share 2. Issued 14,000 shares of the class A preferred stock for $35 per share 3. Issued 47000 shares of common stock for $19 per share Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized EASTPORT INC Balance Sheet (partian For the Year Ended Year 1 Stockholders' Equity Preferred stock 170.000 $ 490.000 Common stock Total Paid in Capital $ 666,000 Total stockholders equity 5 666.000