The following is the shareholders equity section of Bridgeport Corp at December 31, 2020 Preferred shares, a authorized 140,000 shares issued 37,000 shares $ 925,000 Common shares (unlimited authorized, 59,000 issued) 1,475,000 Contributed surplus 113,000 Total paid in capital 2,513,000 Retained earnings 2,945,600 Total shareholders equity $ 5,458,600 a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares Your answer is incorrect Try again No dividends were paid in 2018 or 2019 On December 31, 2020, Bridgeport wants to pay a cash dividend of $4 per share to common shareholders How much cash would be needed for the total amount to be paid to preferred and common shareholders (Round excess return percentage to 4 decimal places, e g 52 7531 and final answer to 0 decimal places, e g 5,275 ) Preferred Common Total Amount to be paid to shareholders $ $ $ SHOW LIST OF ACCOUNTS Your answer is partially correct Try again The company decides instead that it will declare a 15 stock dividend on the outstanding common shares at their fair value The common shares fair value on the date of declaration is $45 per share Prepare the entry on the date of declaration (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Your answer is incorrect Try again The company decides instead to acquire and cancel 10,100 common shares at the current fair value of $45 per share Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit

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The following is the shareholders equity section of Bridgeport Corp. at December 31, 2020: Preferred shares, a authorized 140,000 shares; issued 37,000 shares $ 925,000

The following is the shareholders equity section of Bridgeport Corp. at December 31, 2020:

Preferred shares,^a authorized 140,000 shares; issued 37,000 shares	$	925,000
Common shares (unlimited authorized, 59,000 issued)		1,475,000
Contributed surplus		113,000
Total paid-in capital		2,513,000
Retained earnings		2,945,600
Total shareholders equity	$	5,458,600

^a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares.


	Your answer is incorrect. Try again.

No dividends were paid in 2018 or 2019. On December 31, 2020, Bridgeport wants to pay a cash dividend of $4 per share to common shareholders. How much cash would be needed for the total amount to be paid to preferred and common shareholders? (Round excess return percentage to 4 decimal places, e.g. 52.7531% and final answer to 0 decimal places, e.g. 5,275.)

Preferred

Common

Total

Amount to be paid to shareholders

SHOW LIST OF ACCOUNTS


	Your answer is partially correct. Try again.

The company decides instead that it will declare a 15% stock dividend on the outstanding common shares at their fair value. The common shares fair value on the date of declaration is $45 per share. Prepare the entry on the date of declaration. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS


	Your answer is incorrect. Try again.

The company decides instead to acquire and cancel 10,100 common shares at the current fair value of $45 per share. Prepare the entry to record the retirement, assuming the contributed surplus balance arose from previous cancellations of common shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)