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Problem 11-2A The stockholders’ equity accounts of Bridgeport Corp. on January 1, 2017, were as follows

Problem 11-2A 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’ 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. 21 Determined that net income for the year was $280,500. Paid the dividend declared on December 1.

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University of Nairobi