Question

Bridgeport Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet.Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000Common stock, $5 par (110,000 shares authorized, 22,000 shares issued) 110,000Additional paid-in capital 132,000Retained earnings 419,000Total $861,000During 2017, Bridgeport took part in the following transactions concerning stockholders’ equity.1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016.2. Purchased 1,700 shares of its own outstanding common stock for $41 per share. Bridgeport uses the cost method.3. Reissued 600 treasury shares for land valued at $28,400.4. Issued 480 shares of preferred stock at $103 per share.5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share.6. Issued the stock dividend.7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018.A) PREPARE THE JOURNAL ENTRIES TO RECORD TRANSACTIONS ABOVEB) Prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $312,000.

Answer 1

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