Bridgeport Products Inc. has the following account balances on March 31, 2023: Inventory $378.000 Buildings (net) 680.500 Patents (net) 554.500 Bank loan payable 327.500 Common shares, no par value, 10,000 shares outstanding $60,000 Deficit (1.252.500 In April 2023, management agrees to a financial reorganization. As part of the reorganization creditors are willing to forgive the debt in exchange for 100% of the outstanding shares. It is determined that assets have the following fair values: inventory $150,000, patent $251,500, and buildings $1.102.000. Prepare the required journal entries for the financial reorganization. Use Deficit account. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Prepare the required journal entries for the financial reorganization. Use Deficit account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually no entry is required select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To restate for impairments of assets) (To close Deficit account) (To restate assets and liabilities) Debit Credit