Question

Problem 13-01A Bridgeport Corporation was organized on January 1, 2020. It authorized to sue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no por common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 05.000 shares of common stock for cash per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at $110 per share. Ape. 1 Issued 22,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $34,000 May 1 Issued 78,000 shares of common stock for cash at $5.25 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of the bill of $43,000 for services performed in helping the company organize Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 1,000 thwes of preferred stock for cash at $113 per share. Your answer is partially correct. Try again. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account bitle Account Titles and Explanation Jan. 10 Cash Date De Common Stock Paid-in Capital Excess of Par Common Stock Preferred Stock

Answer 1

Credit(S) Debit(S) 340000 170000 170000 566500 515000 51500 84000 Answer: Date Account Title and Explanation Jan-10 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock [To record the issue of 85,000 shares $4 ] Mar-01 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock [To record the issue of 5150 Preferred shares $110 ] Apr-01 Land Common Stock Paid-in Capital in Excess of Stated Value-Common Stock [To record the issue of 22,000 shares for Land] May-01 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock [To record the issue of 78,000 shares @$5.25] Aug-01 Organization Expense Common Stock Paid-in Capital in Excess of Stated Value-Common Stock [To record the issue of 11,000 shares for Organization Exp.] 44000 40000 409500 156000 253500 43000 22000 21000

| 84000 24000 60000 Sep-01 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock [To record the issue of 12,000 shares @$7] Nov-01 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock [To record the issue of 1000 Preferred shares $113 ] 113000 100000 13000