need help with the balance sheet. please explain why each goes where it does

not understanding the balance sheet portion

Problem 13-03A a-c (Part Level Submission) (Video) The stockholders' equity accounts of Bridgeport Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $ 384,000 1,150,000 145,000 1,400,000 1,800,000 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $120,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,600. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $400,000. No dividends were declared during the year. (a) Your answer is correct. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in automatically indented when amount is entered. Do not indent manually.) Date Credit Debit Account Titles and Explanation BRIDGEPORT CORPORATION Balance Sheet (Partial) $ $ Tvacy Policy. I 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. ES $ $ $ Click if you would like to Show Work for this question: Open Show Work Problem 13-03A a-c (Part Level Submission) (Video) The stockholders' equity accounts of Bridgeport Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,000 shares authorized) $ 384,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess of Par-Preferred Stock 145,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,800,000 Treasury Stock (11,000 common shares) 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $120,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,600. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $400,000. No dividends were declared during the year. (a) Your answer is correct. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit Feb. 1 Cash 120,000 Common Stock 26,000 Paid-in Capital in Excess of Stated Value-Common 94,000 Apr. 14 Cash 32,600 Treasury Stock 28,000 Paid-in Capital from Treasury Stock 4,600 Sept. 3 Patents 35,900 Common Stock 4,700 Paid-in Capital in Excess of Stated Value-Common 31,200 6,000 Nov. 10 Treasury Stock 6,000 Cash 400,000 Dec. 31 7 Income Summary 400,000 Retained Earnings Preferred Stock RCES Date Explanation Ref. Debit Credit Balance Jan. 1 V Balance 384,000 on) Common Stock Date Explanation Ref. Debit Credit Balance D) Jan. 1 Balance 1,150,000 Feb. 1 J5 26,000 1,176,900 e Sept. 3 05 4,700 1,180,700 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 145,000 Paid-in Capital in Excess of Stated Value Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 1,400,000 Feb. 1 V J5 94,000 1,494,000 Sept. 3 J5 31,200 1,525,200 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance Teu. 1 37, VUVI ECES , , 4 Sept. 3 J5 31,200 1,525,200 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance D) Apr. 14 J5 4,600 4,600 Retained Earnings Date Explanation Ref. Jan. 1 Balance Debit Credit Balance 1,800,000 Dec. 31 J5 400,000 2,200,000 Treasury Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 55,000 S J5 Apr. 14 28,000 27,000 Nov. 10 15 6,000 33,000 Click if you would like to Show Work for this question: Open Show Work URCES BRIDGEPORT CORPORATION Balance Sheet (Partial) el on .) ssignment ES