Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 500,000 shares of $8 par common stock and 70,000 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 19,000 shares of common stock for $13 per share.
2. Issued 12,000 shares of the class A preferred stock for $35 per share.
3. Issued 45,000 shares of common stock for $16 per share.

Required

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

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 500,000 shares of $8 par common stock and 70,000 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 19,000 shares of common stock for $13 per share. 2. Issued 12,000 shares of the class A preferred stock for $35 per share. 3. Issued 45,000 shares of common stock for $16 per share. 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 Preferred stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par, CS Total Paid-In Capital $ 0 0 Total stockholders' equity $ 0