Bridgeport Corporation had the following stockholders equity accounts on January 1,2022: common stock ($4 par)...
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Bridgeport Corporation had the following stockholders equity accounts on January 1,2022: common stock ($4 par) $400,000, paid- in capital in excess of par- common stock $215,000, and retained earnings $100,000. In 2022, the company had the following treasury stock transactions. Mar 1 Purchased 7,000 shares at $9 per share June 1 sold 1500 shares at $12 per share Sept 1 sold 2,000 shares at $11 per share Dec 1 sold 1000 shares at $7 per share Bridgeport corporation used the method of accounting for treasury stock. In 2022, the company reported net income of $29,000 -Journalize the treasury stock transactions and prepare the closing entry at December 31,2022 for net income -Open accounts for paid in capital from treasury stock, treasury stock, and retained earnings -Prepare the stockholders equity section for Bridgeport corporation at December 31,2022?
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