Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 440,000 shares of $10 par common stock and 55,000 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 $15 per share.
2. Issued 5,000 shares of the class A preferred stock for $35 per share.
3. Issued 48,000 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 CA $ 0 Total Paid-In Capital Appropriated retained earnings Total stockholders' equity $ 0