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Bridgeport Construction Ltd$.$ prepares its reports using IFRS. The following information relates to its shareholders' equity on January $1,2023,$ the first day of its fiscal year.

$$0\mathrm{.}50-$noncumulative preferred shares, unlimited number of shares authorized, $100,000$ shares issued

Common shares, unlimited number of shares authorized, $1,190,000$ shares issued

Contributed surplus $($repurchase of common shares$)$

Retained earnings

Accumulated other comprehensive income

$$1,000,000$

$3,593,800$

$14,000$

$7,310,000$

$(456,000)$

During the year, there were the following transactions related to shares.

$1.$ On May $15,2023,$ Bridgeport purchased equipment in exchange for $94,000$ common shares with a market value of $$3\mathrm{.}25$ per share. The fair value of the equipment was $$309,560.$

$2.$ On June $1,2023,$ Bridgeport's board of directors declared the semi$-$annual dividend to the preferred shareholders of record on June $15,$ payable June $30.$

$3.$ The semi$-$annual dividend to the preferred shareholders is paid on the appropriate date.

$4.$ On September $16,2023,$ reacquired $47,000$ common shares for $$162,000$ cash.

$5.$ On December $15,2023,$ Bridgeport's board of directors declared the second semi$-$annual dividend to the preferred shareholders and a $10\%$ stock dividend to the common shareholders for shareholders of record on December $31,2023$ payable January $20,2024.$ The market price of the common shares at December $15,2023$

was $$4$ per share.

$6.$ Reported comprehensive income of $$1,480,000$ for the year, consisting of $$1,480,000$ of profit and $$0$ other comprehensive income.Journalize each of the transactions. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.

Record entries in the order displayed in the problem statement.$)$

Date

ay $15,2023$

V

Account Titles and Explanation

Equipment

Debit

Credit

$309560$

Common Shares

$30956$

ne $1,2023$

Cash Dividends$-$Preferred

$25000$

Dividends Payable

$2500$

ne $30,2023$

Dividends Payable

$25000$

Cash

$2500$

t$.16,2023$

Contributed Surplus

$141000$

Retained Earnings

$21000.($To record declaration of cash dividend$)$

Retained Earnings

Stock Dividends Distributable

$($To record declaration of stock dividend$)$

Retained Earnings

Common Shares

Retained Earnings

Cash

Dividends Payable

Cash

$($To record payment of dividend$)$

V

Stock Dividends Distributable

Common Shares

$($To record distribution of stock dividend$)$

$476000$

$238000$

$162000$

$476000$

$476000$

$47600049480$

$238001$

$162001$

$47600$

$47600$

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