Blue Spruce Corp. has been authorized to issue 19,100 shares of $100 par value, 6%, noncumulative preferred stock and 1,010,000 shares of no-par common stock.

Problem 11-5A Blue Spruce Corp. has been authorized to issue 19,100 shares of $100 par value, 6%, noncumulative preferred stock and 1,010,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (3,100 common shares) Retained Earnings Accumulated Other Comprehensive Income 141,000 20,100 1,915,000 1,420,000 34,100 80,500 48,100 The preferred stock was issued for $161,100 cash. All common stock issued was for cash. In November 3,100 shares of common stock were purchased for the treasury at a per share cost of $11 No dividends were declared in 2017. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (1) (2) (3) Issuance of preferred stock for cash. Issuance of common stock for cash. Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2017. BLUE SPRUCE CORP. Partial Balance Sheet