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, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 66,000 Common Stock (61,000 shares) 305,000 Paid-in Capital in Excess of Par-Common Stock: 720,000 Retained Earnings 350,000 During 2022, the following transactions occurred. Feb. 1 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. 1 Mar. 1 July Sept 1 Dec. 1 Dec 31 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. Preferred Stock Common Stock < < Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings BRIDGEPORT CORPORATION Balance Sheet (Partial)