Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Bridgeport Corp. on January 1, 2017, were as follows. Preferred Stock (796, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 699,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.75 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $280,500. Paid the dividend declared on December 1 ate Account Titles and Explanation Debit Credit Feb. 1 Cash 35000 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Commor 15000 Treasury Stock Mar. 20 Cash Oct. 1 | |Cash Dividends Dividends Payable Nov. 1Dividends Payable Cash Dec. 1 # | |Cash Dividends Dividends Payable Dec. 31Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 280500 280500 Cash