Problem 11-8A (Part Level Submission)

On January 1, 2017, Bridgeport Corp. had these stockholders equity accounts.

Common Stock ($10 par value, 67,000 shares issued and outstanding)		$670,000
Paid-in Capital in Excess of Par Value		516,500
Retained Earnings		665,000

During the year, the following transactions occurred.

Jan.	15		Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb.	15		Paid the dividend declared in January.
Apr.	15		Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share.
May	15		Issued the shares for the stock dividend.
Dec.	1		Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018.
Dec.	31		Determined that net income for the year was $385,000

Prepare the stockholders equity section of the balance sheet at December 31.

Credit Date Account Titles and Explanation Debit Jan. 15 Cash Dividends 40,200 Dividends Payable 40,200 Feb. 15 Dividends Payable 40,200 Cash 40,200 Apr. 15Stock Dividends 93,800 Common Stock Dividends Distributable 67,000 26,800 Paid-in Capital in Excess of Par Value-Common St May 15Common Stock Dividends Distributable 67,000 Common Stock 67,000 Dec. 1 Cash Dividends 36,850 Dividends Payable 36,850 385,000 Dec. 31 | |Income Summary 385,000 Retained Earnings (To close net income) To Close net Income Dec. 31 | Retained Earnings 93,800 93,800 Stock Dividends (To close stock dividends) 7.00 77,050 Dec. 31 | Retained Earnings Cash Dividends 77,050 (To close cash dividends) Common stock Cash dividends 40200 12/31 77050 36850 1/1 Bal 670000 5/15 12/31 bal 737000 1/15 12/1 12/31 bal 0 67000 Retained earnings Common stock dividends distributable 67000 4/15 12/31 93800 | 1/1 Bal 665000 385000 12/31 bal 879150 5/15 67000 12/31 |77050 12/31 12/31 balo Paid in capital in excess of par Stock dividends 93800 12/31 93800 1/1 Bal 516500 4/15 12/31 ba 543300 4/15 26800 12/31 bal 0 Prepare the stockholders' equity section of the balance sheet at December 31. BRIDGEPORT CORP Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock 670,000 Common Stock Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common St 516,500 Total Paid-in Capital 1,186,500 Retained Earnings 665,000 1,851,500 Total Stockholders' Equity