Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 500,000 shares of $10 par common stock and 35,000 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 11,000 shares of the class A preferred stock for $30 per share.
3. Issued 50,000 shares of common stock for $18 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 Total stockholders' equity $ O