Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 490,000 shares of $11 par common stock and 25,000 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 Incorporated: a. Issued 20,000 shares of common stock for $16 per share. b. Issued 14,000 shares of the class A preferred stock for $30 per share. c. Issued 45,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions. EASTPORT INCORPORATED Balance Sheet (partial) For the Year Ended Year 1 Stockholders' Equity Total Paid-In Capital

Eastport incorporated was organized on June 5, Year 1 it was authorized to issue 490,000 shares of $11 par common stock and 25,000 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 incorporated a. Issued 20,000 shares of common stock for $16 per share. b. Issued 14,000 shares of the class A preferred stock for $30 per share. c. Issued 45,000 shares of common stock for $19 per share Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions