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During 2022, the following transactions occurred. 1. On January 1, Bridgeport issued 960 shares of $40 par, 7% preferred stock for $39,360. 2. On January

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During 2022, the following transactions occurred.

1. On January 1, Bridgeport issued 960 shares of $40 par, 7% preferred stock for $39,360.
2. On January 1, Bridgeport also issued 720 shares of the $10 par value common stock for $16,800.
3. Bridgeport performed services for $256,000 on account.
4. On April 1, 2022, Bridgeport collected fees of $28,800 in advance for services to be performed from April 1, 2022, to March 31, 2023.
5. Bridgeport collected $220,800 from customers on account.
6. Bridgeport bought $28,080 of supplies on account.
7. Bridgeport paid $25,760 on accounts payable.
8. Bridgeport reacquired 320 shares of its common stock on June 1 for $28 per share.
9. Paid other operating expenses of $150,560.
10. On December 31, 2022, Bridgeport declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023.
11. An account receivable of $1,360 which originated in 2022 is written off as uncollectible.

Adjustment data:

1. A count of supplies indicates that $4,720 of supplies remain unused at year-end.
2. Recorded revenue from item 4 above.
3. The allowance for doubtful accounts should have a balance of $2,800 at year end.
4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $8,000.
5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)

Prepare journal entries with adjusted entries, adjusted trial balance, income statement, statement of retained earnings, and a balance sheet as of or at December 31st. I made a mistake somewhere in my work and can not figure it out.

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