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

Bridgeport Corporation is authorized to issue 23,000 shares of $50 par value, 10% preferred stock and 125,000 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		69,500
Common Stock (64,500 shares)		322,500
Paid-in Capital in Excess of ParCommon Stock		680,000
Retained Earnings		260,000

During 2020, the following transactions occurred.

Feb.	1		Issued 1,900 shares of preferred stock for land having a fair value of $126,000.
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 $71 and the fair value for the patent was indeterminable.
Dec.	1		Issued 8,250 shares of common stock for cash at $8.50 per share.
Dec.	31		Net income for the year was $257,000. No dividends were declared.

Preferred Stock Paid-in Capital in Excess of Par-Common Stock 600000 Feb. 1 95,000 680,000 48,000 Mar. 65,000 X AS Dec. 28,875 Sept. 1 22,500 Dec. 31 603125 Retained Earnings Dec. 31 417500 Common Stock Dec. 31 260,000 257,000 322,500 July 1 80,000 Dec. 1 41,250 Dec. 31 3000 DODOO D000 00000 Dec. 31 ) 201250 Paid-in Capital in Excess of Par-Preferred Stock 69,500 31,000 Mar. 1 26,000 9,450 Dec. 31 3050