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Eastport Inc. was organized on June 5, 2018. It was authorized to issue 420,000 shares of $9 par common stock and 45,000 shares of 5

Eastport Inc. was organized on June 5, 2018. It was authorized to issue 420,000 shares of $9 par common stock and 45,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc.:

  1. Issued 23,000 shares of common stock for $14 per share.
  2. Issued 12,000 shares of the class A preferred stock for $30 per share.
  3. Issued 59,000 shares of common stock for $17 per share.

Required:

Prepare the stockholders equity section of the balance sheet immediately after these transactions have been recognized.

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