Question

rzed on January 1,2020 res of 8%, $100 par ares of no- par alue of $2 per Share, ons were completed during Bridgeport Corporation was organized on It is authorized to issue 15,000 Shares of value Preferred stock, and 504,000 Shares of common stock with a stated value of the The following stock transactions were comples the first year. Jan. 1o-Issued 85,000 shares of common stock for cash at 891 - Share. Mar. 1-Issued 5,150 Shares of preferred stock for cash at all Per Share. Apr. 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 $84.000. May 1-Issued 78,000 Shares of common stock for cash at $5.25 por share. Aug 1-issued 11,000 Shares of common stock to attorneys in Payment of their 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 shares of Preferred stock for cash at $113 per share Journalize the transactions (record journal entries Torder Presented in the problem. Credit account title automatically indented when amount is entered a muаllу.) - u entries in the went titles are is entered. Do not indent

Answer 1

Journal Gritics Particulars. Date Debit Credit Jan-10 Cash $3,40,000 085,000 x $ ) To Common stock 285000 * 4 2) 0 Paid in Capital arences . of Par Common stock co record issuance of common stock) $175,000 $170,000 Mar-1 $ 5, 66,500 (5150 x $110) To Preferred sticle $$ 6000 $ $1,500 To Paid in Capital in Eucess of Para Prestered stock (To record of issue of preferred stock) Apr-1 Land $84,000 To $44000 Common stock (22000 X $2) To Paid in-Capital in Eucess of Par - Common stocle (84000 - 44,000) issue of shares for land) $40,000 To record

Date Credit May I Particulars Debit Cash (78,000 $5.25) $409,500 To Common stock (78,000 y 2) To Paid in Capital en - Gucess of par common stock (209,500-159000) (To record issue of common stock) $156,000 $25,50 $253,500 Aug-) Legal Fee (oo) Athorney Service $43,000 Eu pense To Common stock $22,000 (1100082) To Paid-in-Capital in Gucess of Par - Common stock $21,000 C$43.000 -$22,800) To record issue of share for a Honeybill) Sep-1 $24,000 Cash $ 34,000 (12,000 & $7) To Common stock To Paid in Capital an Encess of Par. Commonshock (To record issue of common stock) $60,000

NOVI lash to $ 20,000 $113,000 C1000 x103) To Preferred stock (1000x100) To pard in certal in furen of par preferred stock C$13,000 - $100,000) CTO record issue of preferred stocks 13000 Ledgers Preferred stock By Cash Cash To closing $615,000 By $ 615,000 $515,000 $100,000 $615,000 Common stock (By Cash | By Legal fee By Cash By Cash By Land to closing bal $416000 $416,000 $156,000 $22,000 $24,000 $170,000 $44,000 $416,000 - Paidan Capital in turers - Preferred stock By Cash $5,500 By Cash $13,000 To Closing bal $64,500 $64,500 $64,500

Paid in Capital in fuces. Common stoele by Cash By Land $190,00 $ 40,000 $253,500 By Cash By begal hee By cash ao closing bal 44,500 $21,000 $ 60,000 $544,100 $544,500 Bridge Foot Corporation Balance sheet (Partial Assets Land $84,000 Cash $1,513,000 $1,597,000 Equity Common stock Authorized - 504,000 shares Issued - 208,000 shares at $2 $416 000 $ 544,500 Paid.in capital in Guces- Common shock 8% Preferred stock 5000 a $100 par $61500D Authorized. 15,000 ot loo para Issued 6150 Paid in a Capital in Encest- Preferred stack 564,500 Retained Earnings ($ 43000) $1,597,000