On January 5, 2020, Bridgeport Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 48,600 shares of $10 par value common stock. It then completed these transactions.

Jan. 11		Issued 21,600 shares of common stock at $17 per share.
Feb. 1		Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $52,300; a factory building with a fair value of $168,000; and land with an appraised value of $296,000.
July 29		Purchased 1,800 shares of common stock at $16 per share. (Use cost method.)
Aug. 10		Sold the 1,800 treasury shares at $14 per share.
Dec. 31		Declared a $0.30 per share cash dividend on the common stock and declared the preferred dividend.
Dec. 31		Closed the Income Summary account. There was a $190,900 net income.

Required:

1. Record the journal entries for the transactions listed above.
2. Prepare the stockholders equity section of Bridgeport Corporations balance sheet as of December 31, 2020.