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Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par
Problem 13-01A a-c (Part Level Submission) Bridgeport Corporation was organized on January 1, 2020. It is authorized to issue 14,500 shares of 8%, $100 par value preferred stock, and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,300 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $87,000. The fair value of the land was $83,500. May 1 Issued 85,000 shares of common stock for cash at $4,25 per share. 1 Issued 12,000 shares of common stock to attomeys in payment of their bill of $40,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $6 per share, Nov. 1 Issued 2,500 shares of preferred stock for cash at $114 per share. Aug (a) Journalize the transactions. (Record journal entries in the order presented in the problem (b) Post to the stockholders' equity accounts (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2020
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