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Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 500,000 shares of $11 par common stock and 50,000 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 : 1. Issued 18,000 shares of common stock for $16 per share. 2. Issued 9,000 shares of the class A preferred stock for $35 per share. 3. Issued 49,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized. Eastport Incorporated was organized on June 5, Year 1. It was authorized to issue 500,000 shares of $11 par common stock and 50,000 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 : 1. Issued 18,000 shares of common stock for $16 per share. 2. Issued 9,000 shares of the class A preferred stock for $35 per share. 3. Issued 49,000 shares of common stock for $19 per share. Required Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized

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