Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar. Apr. 10 1 1 May Aug. 1 1 Sept. Nov. 1 1 Issued 85,000 shares of common stock for cash at $4 per share. Issued 5,150 shares of preferred stock for cash at $110 per share. Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $84,000. Issued 78,000 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 12.000 shares of common stock for cash at $7 per share. Issued 1,000 shares of preferred stock for cash at $113 per share.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred
stock
, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were
completed during the first year.
Jan.
Mar.
Apr.
10
1
1
May
Aug.
1
1
Sept.
Nov.
1
1
Issued 85,000 shares of common stock for cash at $4 per share.
Issued 5,150 shares of preferred stock for cash at $110 per share.
Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land
was $84,000.
Issued 78,000 shares of common stock for cash at $5.25 per share.
Issued 11,000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in
helping the company organize.
Issued 12.000 shares of common stock for cash at $7 per share.
Issued 1,000 shares of preferred stock for cash at $113 per share.

(b)
Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.)
Preferred Stock
Common Stock
Transcribed Image Text:(b) Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock
Prepare the paid-in capital section of stockholders' equity at December 31, 2022. (Enter the account name only and do not
provide the descriptive information provided in the question.)
BRIDGEPORT CORPORATION
Balance Sheet (Partial)
$
$
LA
Transcribed Image Text:Prepare the paid-in capital section of stockholders' equity at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRIDGEPORT CORPORATION Balance Sheet (Partial) $ $ LA
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