Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 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 $25 per share. The following stock transactions pertain to Eastport Inc.:

1. Issued 22,000 shares of common stock for $15 per share.
2. Issued 7,000 shares of the class A preferred stock for $30 per share.
3. Issued 41,000 shares of common stock for $18 per share.

Required: Prepare the stockholders equity section of the balance sheet immediately after these transactions.

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 380,000 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 $25 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 22,000 shares of common stock for $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 41,000 shares of common stock for $18 per share. Required: Prepare the stockholders' equity section of the balance sheet immediately after these transactions. 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 $ 0 Total Paid-In Capital Paid-in capital in excess of SV, CS Total stockholders' equity $ 0