Exercise 15-7 The following is the shareholders' equity section of Bridgeport Corp. at December 31, 2020: Preferred shares, a authorized 140,000 shares; issued 22,000 shares $ 550,000 Common shares (unlimited authorized, 57,000 issued) 1,425,000 Contributed surplus 111,000 Total paid-in capital 2,086,000 Retained earnings 2,907,600 Total shareholders' equity $ 4,993,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. No dividends were paid in 2018 or 2019. On December 31, 2020, Bridgeport wants to pay a cash dividend of $4 per share to common shareholders. How much cash would be needed for the total amount to be paid to preferred and common shareholders? (Round excess return percentage to 4 decimal places, e.g. 52.7531% and final answer to 0 decimal places, e.g. 5,275.) Preferred Common Total Amount to be paid to shareholders $ $ SHOW LIST OF ACCOUNTS The company decides instead that it will declare a 15% stock dividend on the outstanding common shares at their fair value. The common shares' fair value on the date of declaration is $45 per share. Prepare the entry on the date of declaration. (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 o for the amounts.) Account Titles and Explanation Debit Credit The company decides instead that it will declare a 15% stock dividend on the outstanding common shares at their fair value. The common shares' fair value on the date of declaration is $45 per share. Prepare the entry on the date of declaration. (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 o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS The company decides instead to acquire and cancel 11,000 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (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.) Account Titles and Explanation Debit Credit