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Bridgeport Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was

Bridgeport Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting. During the first month, the accountant made the following entries for the corporation's capital stock.
May 2 Cash
187,200
Capital Stock
187,200
(Issued 10,400 shares of $15 par value common stock at $18 per share)
10 Cash
676,000
Capital Stock
(Issued 10,400 shares of $55 par value preferred stock at $65 per share)
15 Capital Stock
16,500
Cash
(Purchased 1,100 shares of common stock for the treasury at $15 per share)
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