Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferredstock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions werecompleted during the first year.Jan. 10Mar. 1Issued 85,000 shares of common stock for cash at $4 per share.Issued 5,150 shares of preferred stock for cash at $110 per share.Apr.1Issued 22.000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the landwas $84,000.May1Issued 78,000 shares of common stock for cash at $5.25 per share.Aug.1Sept. 1Nov. 1Issued 11.000 shares of common stock to attorneys in payment of their bill of $43,000 for services performed inhelping the company organize.Issued 12,000 shares of common stock for cash at $7 per share.Issued 1,000 shares of preferred stock for cash at $113 per share.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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