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Eastport incorporated was organized on June 5. Year 1 . It was authorized to issue 450,000 shares of $9 par common stock and 45 ,

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Eastport incorporated was organized on June 5. Year 1 . It was authorized to issue 450,000 shares of $9 par common stock and 45 , 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 Incorporated: a. Issued 17.000 shares of common stock for $14 per share b. Issued 5,000 shares of the class A preferred stock for $35 per share c. Issued 49,000 shares of common stock for $17 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions

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