The stockholders' equity accounts of Bridgeport Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,300 shares authorized) Common Stock ($4 stated value, 305,000 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 (4,300 common shares) $258,000 1,016,666 12,900 488,000 699,500 34,400 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,470 shares of common stock for $38,290. 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 declared on October 1. Dec. 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. 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 O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 38290 Common Stock 21880 Paid-in Capital in Excess of Stated Value-Common Stock 16410 Mar. 20 Treasury Stock 8000 Cash 8000 Oct. 1 Cash Dividends 18060 Dividends Payable 18060 Nov. 1 Dividends Payable 18060 Cash 18060 Dec. 1 Cash Dividends 190753 Dividends Payable 190753 Dec. 31 Income Summary 190753 TE Retained Earnings 190753 (To record net income) Dec. 31 Retained Earnings 208813 Cash Dividends 208813 (To close cash dividends) Dec. 31 Dividends Payable 190753 Cash 190753 (To record payment of cash dividends payable) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 12/31 1/1 Bal. 12/31 Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 12/31 208813 1/1 Bal. 699500 12/31 280500 12/31 Bal. 771187 Cash Dividends 10/1 18060 12/31 208813 12/1 190753 12/31 Treasury Stock Prepare the stockholders' equity section of the balance sheet at December 31, 2017. BRIDGEPORT CORP. Partial Balance Sheet $ $ Calculate the payout ratio, earnings per share, and return on common stockholdersequity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio 74.44 % Earnings per share $ 1.10 Return on common stockholders' equity 27.57 % e Textbook and Media List of Accounts