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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
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.:
- Issued 22,000 shares of common stock for $15 per share.
- Issued 11,000 shares of the class A preferred stock for $30 per share.
- 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.
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