Problem 11-4A (Part Level Submission) The ledger of Bridgeport Corp. at December 31, 2017, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (14,200 shares issued) Common Stock (379,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,434,200 2,653,000 118,000 1,660,000 2,931,000 A review of the accounting records reveals this information: 1. 2. 4. 5. 6. 7. Preferred stock is 9%, $101 par value, noncumulative. Since January 1, 2016, 14,200 shares have been outstanding; 28,400 shares are authorized. Common stock is no-par with a stated value of $7 per share; 758,000 shares are authorized. The January 1, 2017, balance in Retained Earnings was $2,435,000. On October 1, 66,000 shares of common stock were sold for cash at $9 per share. A cash dividend of $392,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016. Net income for the year was $888,000. On December 31, 2017, the directors authorized disclosure of a $155,000 restriction of retained earnings for plant expansion. (Use Note A.) (a) Reproduce the Retained Earnings account for the year. Retained Earnings