Blue Spruce Corporation is authorized to issue 24,500 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock. On January 1, 2020, the ledger contained the following stockholders equity balances.

Preferred Stock (10,000 shares)		$500,000
Paid-in Capital in Excess of ParPreferred Stock		66,000
Common Stock (61,000 shares)		305,000
Paid-in Capital in Excess of ParCommon Stock		650,000
Retained Earnings		320,000

During 2020, the following transactions occurred.

Feb.	1		Issued 2,200 shares of preferred stock for land having a fair value of $121,000.
Mar.	1		Issued 1,300 shares of preferred stock for cash at $65 per share.
July	1		Issued 16,000 shares of common stock for cash at $7 per share.
Sept.	1		Issued 350 shares of preferred stock for a patent. The asking price of the patent was $30,000. Market price for the preferred stock was $72 and the fair value for the patent was indeterminable.
Dec.	1		Issued 7,750 shares of common stock for cash at $7.50 per share.
Dec.	31		Net income for the year was $255,000. No dividends were declared.

Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. Preferred Stock Bal Feb. 1 Mar. 1 Sept. 1 110000 65000 17500 Bal. 692500 Common Stock Paid-in Capital in Excess of Par-Preferred Stock Bal. Paid-in Capital in Excess of Par Common Stock Retained Earnings