Problem 13-01A Bridgeport Corporation was organized on January 1, 2020. It authorized to sue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no por common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 05.000 shares of common stock for cash per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at $110 per share. Ape. 1 Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $34,000 May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of the bill of $43,000 for services performed in helping the company organize Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 1,000 thwes of preferred stock for cash at $113 per share. Your answer is partially correct. Try again. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account bitle Account Titles and Explanation Jan. 10 Cash Date De Common Stock Paid-in Capital Excess of Par Common Stock Preferred Stock CALCULAT Preferred Stock 515000 Paid-in Capital in Excess of Par-Preferred Stock 51500 Land 84000 Common Stock 44000 Paid-in Capital in Excess of Par-Common Stock 40000 409500 Common Stock 156000 Paid-in Capital in Excess of Par-Common Stock 253500 Organization Expense 43009 Common Stock 22000 Paid-in Capital in Excess of Par-Common Stock 1000 Sept. 1 Cash 84000 Common Stock 24000 Common Stock 22000 Paid-in Capital in Excess of Par-Common Stock 21000 Sept. 1 cash 84000 Common Stock 24000 Paid-in Capital in Excess of Par-Common Stock 60000 = Nov. 1 cash 113000 Preferred Stock 100000 Paid-in Capital in excess of Par-Preferred Stock 13000 SHOW LIST OF ACCOUNTS Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in Preferred Stock | Mar.1 515000) | Nov. 1 100000 G Bal. T 615000 | Bal. 615000) Common Stock |Maya T 156000) - lana annan00 | Aug. 17 - 22000 DEDBGGGERS Sept. 1 24000) - pan. 107 170000 - | April 44000 4160001 416000 | Bal. | Paid-in Capital in Excess of Par-Preferred Stock |Mar.1 51500 sof Par-Preferred Stock 51500 13000 64500 Paid in Capital is alue-Common Jan. 10 1111170000 Apr. 1 40000 May 1 2 253500 21000 Aug. 1 Sept. 1 60000 544500 BRIDGEPORT CORPORATION Balance Sheet (Partial) December 31, 2020 Current Assets Total Current Assets Land 84000 Cash 1513000 Total Stockholders' Equity 1597000 Capital Stock Paid-in Capital in Excess of Par-Common Stock 416000 0! Paid-in Capital in Excess of Par-Common Stock 544500 Paid-in Capital 43000 Total Paid-in Capital and Retained Earnings 1597000
