Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 470,000 shares of $9 par common stock and 25,000 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 16,000 shares of common stock for $14 per share. 2. Issued 11,000 shares of the class A preferred stock for $35 per share. 3. Issued 51,000 shares of common stock for $17 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 Pald-in capital in excess of SV, PS Paid-in capital in excess of SV, CS $ 0 Total Paid in Capital Retained earnings Total stockholders equity $ 0