Reference no: EM132382125

Question

The stockholders' equity accounts of Bridgeport Corp. on January 1, 2017, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,300 shares authorized) $ 258,000

Common Stock ($4 stated value, 305,000 shares authorized) 1,016,666

Paid-in Capital in Excess of Par Value-Preferred Stock 12,900

Paid-in Capital in Excess of Stated Value-Common Stock 488,000

Retained Earnings 699,500

Treasury Stock (4,300 common shares) 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.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.)