bridgeport inc has 51100 common shares outstanding the shares have an average cost of $22 per share on july 1 2023 bridgeport reacquired 780 shares at $54 per share and retired them assume no contributed surplus balances exist from previous share repurchases prepare the journal entry to record this transaction if bridgeport prepares financial statements in accordance with ASPE

Your answer is partially correct. Bridgeport Inc. has 51,100 common shares outstanding. The shares have an average cost of $22 per share. On July 1, 2023, Bridgepor reacquired 780 shares at $54 per share and retired them. Assume no contributed surplus balances exist from previous share repurchases. (a) Prepare the journal entry to record this transaction if Bridgeport prepares financial statements in accordance with ASPE. (List all debit entries before credit entries. 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.)