The stockholders' equity accounts of Bridgeport Corp. on January 1, 2017, were as follows. Preferred stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $300,000 1,000,000 15,000 480,000 699,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 5,000 shares of common stock for $35,000 Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1 Nov. 1 Paid the dividend decared on October 1 Dec. 1 Declared a $0.75 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $280,500. Paid the dividend declared on December 1 Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when 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. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit (To record net income) (To close cash dividends) (To record payment of cash dividends payable)