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 Date Account Titles and Explanation Debit Credit Feb. 1 Land 126,000 Preferred Stock 95,000 Pald-in Capital in Excess of Par Preferred Stock 31,000 Mar. 1 Cash 91,000 Preferred Stock 65,000 Paid-in Capital in Excess of Par-Preferred Stock 26,000 July 1 Cash 128,000 Common Stock 80,000 Pald-in Capital in Excess of Par Common Stock 48,000 Sept. 1 Patents 31,950 Preferred Stock 22.500 Pald-in Capital in Excess of Par Preferred Stock 9,450 Dec. 1 Cash 70,125 Common Stock 41.250 Paid-in Capital in Excess of Par-Common Stock 28.875 Dec 31 Income Summary 257,000 Retained Earnings 257000 (b) 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 C > > > > Paid in Capital in Excess of Par-Common Stock V Retained Earnings > > Prepare a stockholders' equity section 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) V $