Problem 13-04A a-c (Part Level Submission) (Video)

Bridgeport Corporation is authorized to issue 24,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders equity balances.

Preferred Stock (12,000 shares)		$600,000
Paid-in Capital in Excess of ParPreferred Stock		66,000
Common Stock (61,000 shares)		305,000
Paid-in Capital in Excess of ParCommon Stock		720,000
Retained Earnings		350,000

During 2020, the following transactions occurred.

Feb.	1		Issued 2,200 shares of preferred stock for land having a fair value of $122,000.
Mar.	1		Issued 1,300 shares of preferred stock for cash at $70 per share.
July	1		Issued 16,000 shares of common stock for cash at $8 per share.
Sept.	1		Issued 450 shares of preferred stock for a patent. The asking price of the patent was $32,000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable.
Dec.	1		Issued 8,500 shares of common stock for cash at $8.50 per share.
Dec.	31		Net income for the year was $264,000. No dividends were declared.

(a)

Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31
Jan. 1Feb. 1Mar. 1July 1Sept. 1Dec. 1Dec. 31