Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 330,000 shares of $9 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.: 1. Issued 17,000 shares of common stock for $14 per share. 2. Issued 12,000 shares of the class A preferred stock for $25 per share. 3. Issued 53,000 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 Preferred stock Common stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par, CS 0 Total Paid-In Capital $ 0 0 Total stockholders' equity $ 0