Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 340,000 shares of $12 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 17,000 shares of common stock for $17 per share.
2. Issued 14,000 shares of the class A preferred stock for $30 per share.
3. Issued 41,000 shares of common stock for $20 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
Total Paid-In Capital	$0
Total stockholders equity	$0