Bridgeport Corporation is authorized to issue 23,000 shares of $ 50 par value, 10% preferred stock and 125,000 shares of $ 5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. $ 600,000 69,500 Preferred Stock ( 12,000 shares) Paid-in Capital in Excess of Par-Preferred Stock Common Stock ( 64.500 shares) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 322,500 680,000 260,000 During 2022, the following transactions occurred. Feb. 1 Mar. 1 July 1 Sept. Issued 1.900 shares of preferred stock for land having a fair value of $ 126,000, 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 $ 71 and the fair value for the patent was indeterminable. Issued 8,250 shares of common stock for cash at $8.50 per share. Net income for the year was $257,000. No dividends were declared. 1 Dec. 1 Dec. 31 BRIDGEPORT CORPORATION Balance Sheet (Partial) December 31, 2022 Stockholders' Equity Pald-in Capital Capital Stock > Preferred Stock $ $ Common Stock Total Capital Stock $ Additional Paid-in Capital A Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Total Additional Paid-in Capital