Blossom Corporation showed the following information on its financial statements on December 31, 2021:

Preferred Shares, no par value $6 cumulative, 400,000 shares authorized, 190,000 shares issued and outstanding		$36,100,000
Common Shares, no par value, unlimited shares authorized, 480,000 shares issued and outstanding		$14,400,000

The following transactions occurred, in the order given, during 2022:

(a)		April 15: Received subscriptions and down payments for 130,000 common shares at $38 per share. The subscription contracts call for 70% of the subscription price to be paid upon receipt, and the remaining 30% to be paid on June 30. In the event of default on the subscriptions, the company will retain the down payment.
(b)		May 1: Issued 90,000 preferred shares at $240 per share.
(c)		June 30: Received payment for 101,000 of the subscribed common shares; the remaining 29,000 defaulted. Issued the share certificates for the appropriate number of shares.
(d)		August 5: Repurchased and cancelled 17,000 common shares at a cost of $25 per share.
(e)		September 15: Declared dividends for preferred shares (dividends had not been paid the previous year). Also declared $1.50 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1.
(f)		If the preferred shares had a $190 par value, what would be the journal entry for the May 1 issuance of preferred shares in part (b)?

Q: Prepare the journal entries to record the above transactions for Blossom Corporation for 2022.

fins al weeted scs1 Blom Gerparation showed the following information on its financial statements on December 31, 2021 Prcfcrred Shars, no par value $ cumulative, 400,000 shares authorized, 190,000 shares issued and cutstanding $36, 100.000 Common Shares, no par value, un imitec shares authorized 480,000 stressed and outstanding $14,400,000 The following transactions cocurred in the order ghen, during 2022 (3) April 15: Received subscriptions and cown payments for 130,000 common shares at $38 per share. The subscription contracts call for 705 ct the subscription price to be paid upon receips, and the remaining 30% to be paid on June 30. In the event of default on the subscriptions, the company will retain the devin ayment (1) May 1: 10,0 preferred shares at $240 per here Sur 30: Hece payment for 101,000 of the subscribe common the remaining 29,003 cold. In the share artificates for the approprium cf. id) August S: Repurchased and canceled 17.000 common shares at a caut af $25 share. (ej September 15: Declared divicends for preemed sharcs dividends had not been paid the previous year). Also declared S..50 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1. 19 Ir the preferred shares had a s.90 par valuc, what would be the journal entry for the May 1 Issuance of preferred shares in part (b)? Prepare the journal entries to record the above transactions for Blossom Corporation for 2022. (Credit account lities 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 for the amounts. Round average share price to 2 decimal places for intermediwe calculations, w.g. 52.75 and finanswer to decimal place, .g. 5,275.) No. Account Titles and Explanation Debit Credit (To record sale of shares On berpi) (Ta record election of down payment) 10 (To record receipt of cash forth Pinelineal (Ta record de out on subscribed heres (To record issuance or ormon stares for those bei und pill for) ( (To record di dene declarec) (To record dividend pok) fins al weeted scs1 Blom Gerparation showed the following information on its financial statements on December 31, 2021 Prcfcrred Shars, no par value $ cumulative, 400,000 shares authorized, 190,000 shares issued and cutstanding $36, 100.000 Common Shares, no par value, un imitec shares authorized 480,000 stressed and outstanding $14,400,000 The following transactions cocurred in the order ghen, during 2022 (3) April 15: Received subscriptions and cown payments for 130,000 common shares at $38 per share. The subscription contracts call for 705 ct the subscription price to be paid upon receips, and the remaining 30% to be paid on June 30. In the event of default on the subscriptions, the company will retain the devin ayment (1) May 1: 10,0 preferred shares at $240 per here Sur 30: Hece payment for 101,000 of the subscribe common the remaining 29,003 cold. In the share artificates for the approprium cf. id) August S: Repurchased and canceled 17.000 common shares at a caut af $25 share. (ej September 15: Declared divicends for preemed sharcs dividends had not been paid the previous year). Also declared S..50 per share dividend for common shares. Both dividends are to be paid on November 1 to shareholders of record on October 1. 19 Ir the preferred shares had a s.90 par valuc, what would be the journal entry for the May 1 Issuance of preferred shares in part (b)? Prepare the journal entries to record the above transactions for Blossom Corporation for 2022. (Credit account lities 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 for the amounts. Round average share price to 2 decimal places for intermediwe calculations, w.g. 52.75 and finanswer to decimal place, .g. 5,275.) No. Account Titles and Explanation Debit Credit (To record sale of shares On berpi) (Ta record election of down payment) 10 (To record receipt of cash forth Pinelineal (Ta record de out on subscribed heres (To record issuance or ormon stares for those bei und pill for) ( (To record di dene declarec) (To record dividend pok)