Question 3 of 4 -125 E View Policies Current Attempt in Progress Bridgeport Corporation is authorized to issue 23.000 shares of $50 par value, 10% preferred stock and 125.000 shares of Spar value common stock. On January 1, 2020, the lediger contained the following stockholders' equity balances, Preferred Stock (12,000 shares) $600.000 Paid-in Capital in Excess of Par--Preferred Stock 69.500 Common Stock (64.500 shares) 322.500 Paid-in Capital in Excess of Par-Common Stock 680.000 Retained Earnings 260.000 Mar 1 During 2020, the following transactions occurred, Feb 1 Issued 1.900 shares of proferred stock for land having a fair value of $126,000, 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 anking price of the patent was $32000. Market price for the preferred stock was 571 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. Doe 31 Net Income for the year was $257.000. No dividends were declared Question 3 of 4 - 1253 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 >