Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 350,000 shares of $10 par common stock and 45,000 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 $15 per share.
2. Issued 7,000 shares of the class A preferred stock for $30 per share.
3. Issued 44,000 shares of common stock for $18 per share.

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 350,000 shares of $10 par common stock and 45,000 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 $15 per share. 2. Issued 7,000 shares of the class A preferred stock for $30 per share. 3. Issued 44,000 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 $ 610,000 175,000 Preferred stock Paid-in capital in excess of SV, PS Paid-in capital in excess of par, CS $ 785,000 Total Paid-In Capital Retained earnings Total stockholders' equity 0 $ 785,000