Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. Mar. Apr. 10 1 1 May Aug. 1 1 Sept. Nov. 1 1 Issued 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. 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. Issued 78,000 shares of common stock for cash at $5.25 per share. 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. 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.
Bridgeport Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value
stock
completed during the first year.
Jan.
Mar.
Apr.
10
1
1
May
Aug.
1
1
Sept.
Nov.
1
1
Issued 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.
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.
Issued 78,000 shares of common stock for cash at $5.25 per share.
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.
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
