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Eastport Incorporated was organlzed on June 5, Year 1. It was authorized to issue 490,000 shares of $12 par common stock and 70.000 shares of

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Eastport Incorporated was organlzed on June 5, Year 1. It was authorized to issue 490,000 shares of $12 par common stock and 70.000 shares of 5 percent cumulatlve class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Incorporated: 1. Issued 21,000 shares of common stock for $17 per share. 2. Issued 9,000 shares of the class A preferred stock for $30 per share. 3. Issued 47,000 shares of common stock for $20 per share. Required Prepare the stockholders' equity section of the bolance sheet immediately after these transactions have been recognized

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