On January 1, 2020, Bridgeport Ltd. (a public company) had the following shareholders equity accounts:

1.Prepare journal entries to record the transactions above, as well as the closing entries for Income Summary and Dividends.

2.Enter beginning balances and post the entries to the shareholders' equity and dividends T accounts and arrive at the ending balances.

3.Prepare the statement of changes in shareholders equity for the year.

4.Prepare the shareholders equity section of the SFP at December 31.

5. Prepare the financing activities section of the statement of cash flows for the year ended December 31

Preferred shares, $8 noncumulative, unlimited number authorized, none issued			0
Common shares, unlimited number authorized, 770,000 issued		$	6,930,000
Retained earnings			1,202,000
Accumulated other comprehensive income			134,000

The following selected transactions occurred during 2020:

Jan. 2		Issued 120,000 preferred shares at $80 per share.
Mar. 5		Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 1.
Apr. 18		Issued 140,000 common shares at $11 per share.
June 5		Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1.
Sept. 5		Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1.
Dec. 5		Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1.
Dec. 31		Net income for the year was $390,000.