Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $9 par common stock and 50,000 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 22,000 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 48,000 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

Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. X Answer is not complete. EASTPORT INC. Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Preferred stock 0 X Paid-in capital in excess of par, CS Common stock Paid-in capital in excess of SV, PS 0 X 0 0 Total Paid-In Capital Retained earnings 0 Total stockholders' equity $ O