Bridgeport Construction Ltd. reported the following information related to its shareholders' equity on January 1, 2021, the first day of its fiscal year. $0.50-noncumulative preferred shares, unlimited number of shares authorized, 100,000 shares issued $1,100,000 Common shares, unlimited number of shares authorized, 1,100,000 shares issued 3,388,200 Retained earnings 493,000 During the year, the following transactions relating to shares occurred. 1. May 15, 2021, issued 4,000 preferred shares with a fair value of $11.50 per share for cash. 2. Purchased a Caterpillar bulldozer on June 5, 2021 in exchange for a cash payment of $22,000 and issued 90,000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable. 3. On June 30, 2021, issued 4,400 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $55,000. The preferred shares had an estimated fair value of $11.60 on June 30, 2021. 4. November 30, 2021, declared and paid $50,000 of dividends to the preferred shareholders. The following operating information was provided for the year: Service revenue Operating expenses Miscellaneous expense Office expense Interest expense Income tax paid in instalments Income tax rate $880,000 160,000 55,000 120,000 10,000 148,500 30 % Bridgeport Construction Ltd. follows ASPE. Prepare a schedule showing all transactions for common shares and preferred shares and show the calculation of the average per share issued. (Round avearge cost to 2 decimal places, eg. 52.75 and final answers to 0 decimal places. eg. 5,275.) Common Shares: Transaction Proceeds No. of shares Average per share amount Jan 1 Beginning balance $ Jun 5 Issued shares $ $ Preferred Shares: Transaction Proceeds No. of shares Average per share amount Jan 1 Beginning balance $ May 15 Issued shares Jun 30 Issued shares $ $ e Textbook and Media List of Accounts Journalize each of the share transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15 June 5 June 30 Nov. 30 e Textbook and Media List of Accounts Prepare a corporate income statement for the year ended December 31, 2021. BRIDGEPORT CONSTRUCTION LTD. Income Statement Year ended December, 2021 $ > e Textbook and Media List of Accounts Prepare the entry to record income tax expense for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To accrue income tax expense.) e Textbook and Media List of Accounts Prepare journal entries to close revenue and expenses to the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Close the Income Summary and Dividends accounts at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close Income Summary.) Dec. 31 (To close dividends.) e Textbook and Media List of Accounts Prepare a statement of retained earnings for the year ended December 31, 2021. (List items that increase retained earnings first.) BRIDGEPORT CONSTRUCTION LTD. Statement of Retained Earnings Year ended December 31, 2021 $ e Textbook and Media