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Question - Eastport Inc. was organized on June 5,'1'ear I. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class it preferred stock. The class A stock had a stated value of $50 per share. The following stock transactions pertain to Eastport Inc:
1. Issued 15,000 shares of common stock for $12 per share.
2. Issued 5,000 shares of the class A preferred stock for $51 per share.
3. Issued 60,000 shares of common stock for $15 per share.
Required - Prepare the stockholders' equity section of the balance sheet immediately after these transactions have been recognized.
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