Bridgeport Corporationâ€™s charter authorized issuance of 102,000
shares of $10 par value common stock and 47,500 shares of $50
preferred stock. The following transactions involving the issuance
of shares of stock were completed. Each transaction is independent
of the others.
Issued a $10,800, 8% bond payable at par and gave as a bonus
one share of preferred stock, which at that time was selling for
$95 a share.
Issued 460 shares of common stock for equipment. The equipment
had been appraised at $7,600; the sellerâ€™s book value was $6,600.
The most recent market price of the common stock is $14 a
Issued 387 shares of common and 94 shares of preferred for a
lump sum amounting to $10,900. The common had been selling at $12
and the preferred at $63.
Issued 190 shares of common and 51 shares of preferred for
equipment. The common had a fair value of $14 per share; the
equipment has a fair value of $6,000.
Record the transactions listed above in journal entry form. (Round Round intermediate calculations to 6 decimal
places, e.g. 0.546872 and final answers to 0 decimal places, e.g.
$38,487. Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select “No Entry” for the account titles and enter 0 for the
Account Titles and Explanation
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