The condensed balance sheets of Bridgeport Limited, a small private company that follows ASPE, follow for the periods im

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The condensed balance sheets of Bridgeport Limited, a
small private company that follows ASPE, follow for the periods
immediately before, and one year after, it had completed a
financial reorganization:
Current assets
Common shares
Buildings (net)
Contributed surplus
(Deficit) retained earnings
For the year following the financial reorganization, the company
reported net income of $156,000 and depreciation expense of
$80,000, and paid a cash dividend of $36,000. As part of the
reorganization, the company wrote down inventory by
$100,000 in order to reflect circumstances that existed before
the reorganization. Also, the deficit, and any revaluation
adjustment, was accounted for by charging amounts against
contributed surplus until it was eliminated, with any remaining
amount being charged against common shares. The common shares are
widely held and there is no controlling interest. No purchases or
sales of plant assets and no share transactions occurred in the
year following the reorganization.

Prepare all the journal entries made at the time of the
reorganization. (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.)
Account Titles and Explanation
Debit
Credit
enter an account title to record impairment of assets that
existed before reorganization
enter a debit amount
enter a credit amount
enter an account title to record impairment of assets that
existed before reorganization
enter a debit amount
enter a credit amount
enter an account title to record impairment of assets that
existed before reorganization
enter a debit amount
enter a credit amount
(To record impairment of assets that existed
before reorganization)
enter an account title to eliminate deficit
enter a debit amount
enter a credit amount
enter an account title to eliminate deficit
enter a debit amount
enter a credit amount
enter an account title to eliminate deficit
enter a debit amount
enter a credit amount
(To eliminate deficit)