#1

i have part (a) done but not part (b) and (c). i need help with those.

#2

i have parts (a) and (b) done. for question #2 i just need help with part (c).

thanks in advance!

Bridgeport Corporation is authorized to issue 24.000 shares of $50 par value 10% preferred stock and 120.000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders equity balances. Preferred Stock (12.000 shares) 5600,000 66,000 Paid-in Capital in Excess of Par-Preferred Stock Common Stock (61.000 shares) 305,000 Paid-in Capital in Excess of Par-Common Stock 720,000 Retained Earnings 350.000 During 2020, the following transactions occurred y Feb 1 Mar 1 July 1 Sept Issued 2.200 shares of preferred stock for land having a fair value of $122,000. Issued 1.300 shares of preferred stock for cash at $70 per share. Issued 16,000 shares of common stock for cash at $8 per share. Issued 450 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Issued 8,500 shares of common stock for cash at $8.50 per share. Net income for the year was $264,000. No dividends were declared Dec 1 Dec 31 Date Account Titles and Explanation Debit Credit Feb 1 Land 122000 Preferred Stock 110006 Paid-in Capital in Excess of Par-Preferred Stock 12000 Mar 1 Cash 91000 Preferred Stock 65000 Paid-in Capital in Excess of Par-Preferred Stock 26000 July 1 Cash 128000 Common Stock 8000C Paid-in Capital in Excess of Par-Common Stock 48000 Sept 1 Patents 31050 = 0.3371 Sept. 1 Patents 31050 Preferred Stock 2250C Paid-in Capital in Excess of Par-Preferred Stock 8550 Dec 1 Cash 72250 Common Stock 42500 Paid-in Capital in Excess of Par-Common Stock 29750 Dec. 31 Income Summary 264000 Retained Earnings 264000 Enter the beginning balances in the accounts, and post the journal entries to the stockholders equity accounts.(Post entries in the order of journal entries presented in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock > Paid-in Capital in Excess of Par-Common Stock > Retained Earnings Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances in the accounts, and post the journal entries to the stock- holders' equity accounts. (Use J2 for the posting reference.) (c) Prepare a stockholders' equity section at December 31, 2017 The post-closing trial balance of Sunland Corporation at December 31, 2020. contains the following stockholders equity accounts. Preferred Stock ( 15.600 shares issued) $ 780,000 Common Stock ( 253,000 shares issued) 3.795,000 Paid-in Capital in Excess of Par-Preferred Stock 253,000 Paid-in Capital in Excess of Par-Common Stock 386.000 Common Stock Dividends Distributable 379.500 Retained Earnings 885.080 A review of the accounting records reveals the following 1 2. 3. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. Preferred stock is $ 50 par, 6%, and cumulative: 15,600 shares have been outstanding since January 1, 2019. Authorized stock is 20,600 shares of preferred 506,000 shares of common with a $ 15 par value. The January 1 balance in Retained Earnings was $ 1.140,000 On July 1, 19,600 shares of common stock were issued for cash at $ 16 per share. On September 1, the company discovered an understatement error of $ 86,600 in computing salaries and wages expense in 2019. The net of tax effect of $ 60,620 was properly debited directly to Retained Earnings. 4. 5. 6. 7 A cash dividend of $ 379.500 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2019. 8 On December 31. a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $ 16. 9 Net income for the year was $ 590,000. 10 On December 31, 2020, the directors authorized disclosure of a $ 194,000 restriction of retained earnings for plant expansion (Use Note X a) (a) Your Answer Correct Answer (Used) Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.) Retained Earnings Sept. 1 Prior Per Adj. 60,620 Jan. 1 Balance 1140,000 Dec 31 Cash Dividends 379,500 Dec 31 Net Income 590,000 Retained Earnings Sept. 1 Prior Per Adj 60,620 Jan. 1 Balance 1.140,000 Dec 31 Cash Dividends 379,500 Dec 31 Net Income 590,000 Dec 31 Stock Dividends 404,800 Dec 31 Balance 885.080 T holders equity section at December 31, 2020 (Enter a wount name only and do not provide descriptive information) SUNLAND CORPORATION. Partial Balance Sheet Dec 312000 $ 780000 Commons S s 3795000 Common S Dnes Distribut 4174500 4954500 Pandan Capitalin excess of Par-Preferred stock 293000 Paintines of Par-Commons 3 tots Additional Capital 6.26 Total Pald-in Cool 55 Retained Earnings s05080 Total Stockholders Equity S 1478180 e Textbook and Media List of Accounts Attempts: 2 of 3 used (c) Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock $ Allocation of the cash dividend to common stock S