The stockholders’ equity accounts of Bridgeport Corp. on January 1, 2022, were as follows. Preferred Stock (7%,...

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The stockholders’ equity accounts of Bridgeport Corp. on January1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,500 sharesauthorized) $330,000
Common Stock ($4 stated value, 330,000 shares authorized)1,100,000
Paid-in Capital in Excess of Par Value—Preferred Stock16,500
Paid-in Capital in Excess of Stated Value—Common Stock528,000
Retained Earnings 756,800
Treasury Stock (5,500 common shares) 44,000
During 2022, the corporation had the following transactions andevents pertaining to its stockholders’ equity.
Feb. 1 Issued 5,500 shares of common stock for $33,000.
Mar. 20 Purchased 1,100 additional shares of common treasurystock at $7 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payableNovember 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.50 per share cash dividend to commonstockholders of record on December 15, payable December 31,2022.
Dec. 31 Determined that net income for the year was $308,000.Paid the dividend declared on December 1.
a) Journalize the transactions. (Include entries to close netincome and dividends to Retained Earnings.
b) Enter the beginning balances in the accounts and post thejournal entries to the stockholders’ equity accounts.
c) Prepare the stockholders' equity section of the balance sheetat December 31, 2017.
d) calculate the payout ratio, earnings per share, and return oncommon stockholders' equity. (Note: Use the common sharesoutstanding on January 1 and December 31 to determine the averageshares outstanding.)

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The stockholders’ equity accounts of Bridgeport Corp. on January1, 2022, were as follows.Preferred Stock (7%, $100 par noncumulative, 5,500 sharesauthorized) $330,000Common Stock ($4 stated value, 330,000 shares authorized)1,100,000Paid-in Capital in Excess of Par Value—Preferred Stock16,500Paid-in Capital in Excess of Stated Value—Common Stock528,000Retained Earnings 756,800Treasury Stock (5,500 common shares) 44,000During 2022, the corporation had the following transactions andevents pertaining to its stockholders’ equity.Feb. 1 Issued 5,500 shares of common stock for $33,000.Mar. 20 Purchased 1,100 additional shares of common treasurystock at $7 per share.Oct. 1 Declared a 7% cash dividend on preferred stock, payableNovember 1.Nov. 1 Paid the dividend declared on October 1.Dec. 1 Declared a $0.50 per share cash dividend to commonstockholders of record on December 15, payable December 31,2022.Dec. 31 Determined that net income for the year was $308,000.Paid the dividend declared on December 1.a) Journalize the transactions. (Include entries to close netincome and dividends to Retained Earnings.b) Enter the beginning balances in the accounts and post thejournal entries to the stockholders’ equity accounts.c) Prepare the stockholders' equity section of the balance sheetat December 31, 2017.d) calculate the payout ratio, earnings per share, and return oncommon stockholders' equity. (Note: Use the common sharesoutstanding on January 1 and December 31 to determine the averageshares outstanding.)