Bridgeport Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,200 shares) $462,000 Retained Earnings 295,200 (a) Your answer is correct. Prepare entries in journal form to record the following transactions, which took place during 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 22 (1) (2) 290 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.) A $18 per share cash dividend was declared. (3) The dividend declared in (2) above was paid. (4) The treasury shares purchased in (1) above were resold at $102 per share. (5) 520 shares of outstanding stock were purchased at $104 per share. (6) 320 of the shares purchased in (5) above were resold at $97 per share. No. Account Titles and Explanation 1. Treasury Stock Cash Retained Earnings Debit Credit 28420 77940 28420 Dividends Payable 3. Dividends Payable 77940 Cash 4. Cash Treasury Stock Paid-in Capital from Treasury Stock 5. Treasury Stock 19 Cash Cash 29580 54080 31040 Paid-in Capital from Treasury Stock 1160 77940 77940 28420 1160 54080 (b) Retained Earnings Treasury Stock eTextbook and Media List of Accounts 1080 33280 Attempts: 2 of 3 used Your answer is partially correct. Prepare the stockholders' equity section of Bridgeport Company's balance sheet after giving effect to these transactions. assuming that the net income for 2021 was $95.200. State law requires restriction of retained earnings for the amount of treasury stock. (Enter account name only and do not provide descriptive information) Common Stock BRIDGEPORT COMPANY Stockholders' Equity December 31, 2021 Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity SA 462000 441200 903200 20800 882400