Blue Spruce Corporation has been authorized to issue $20,500$ shares of $$100$ par value, $10\%,$ preferred stock and $1,007,500$ shares of

no$-$par common stock. The corporation assigned a $$2\mathrm{.}50$ stated value to the common stock. At December $31,2022,$ the ledger

contained the following balances pertaining to stockholders' equity.

Preferred Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

Common Stock

Paid$-$in Capital in Excess of Stated Value$-$Common Stock

Treasury Stock $(840$ common shares$)$

Paid$-$in Capital from Treasury Stock

Retained Earnings

The preferred stock was issued for land having a fair value of $$140,500.$ All common stock issued was for cash. In

November, $1,260$ shares of common stock were purchased for the treasury at a per share cost of $$13.$ In December, $420$ shares of

treasury stock were sold for $$16$ per share. No dividends were declared in $2022.$

$($a$)$

Prepare the journal entries for the: $($List all debit entries before credit entries. Credit account titles are automatically indented when

amount is entered. Do not indent manually.$)$

$(1)$ Issuance of preferred stock for land.

$(2)$ Issuance of common stock for cash.

$(3)$ Purchase of common treasury stock for cash.

$(4)$ Sale of treasury stock for cash.

No$.$ Account Titles and Explanation