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, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (10,000 shares) $500,000 Paid-in Capital in Excess of Par-Preferred Stock 66,000 Common Stock (61,000 shares) 305,000 Paid-in Capital in Excess of Par-Common Stock 650,000 Retained Earnings 320,000 During 2022, the following transactions occurred. Feb. 1 Issued 2,200 shares of preferred stock for land having a fair value of $121,000. Mar. 1 0 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. Date Account Titles and Explanation Debit Credit Preferred Stock 500000 Feb. 1 Mar. 1 110000 July 1 65000 Sept. 1 1750000 Bal. 692500 Common Stock Feb. 1 305000 Mar. 1 80000 July Bal. Paid-in Capital in Excess of Par-Preferred Stock Mar 1 38750 423750 66000 11000 July 1 19500 Sept. 1 Bal Paid-in Capital in Excess of Par-Common Stock Feb. 1 July 1 7700 106200 650000 32000 Dec. 1 19375 Bal Retained Earnings 701375 E Your answer is partially correct. Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Stockholders' Equity Pald-In Capital Capital Stock BLUE SPRUCE CORPORATION Balance Sheet (Partial) December 31, 2022 Pald-In Capital In Excess of Par-Preferred Stock Pald-In Capital In Excess of Stated Value-Common Stock $ 104200 423750 Total Capital Stock Additional Pald-In Capital Pald-In Capital In Excess of Par-Preferred Stock 104200 Pald-In Capital In Excess of Par-Common Stock 701375 Total Additional Paid-In Capital Total Pald-In Capital Retained Earnings Total Stockholders' Equity $ S 527950 805575 1333525 575000 3242050