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Blue Spruce Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000

Blue Spruce Corporation was organized on January 1, 2020. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 77,000 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,500 shares of preferred stock for cash at $110 per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000.
May 1 Issued 76,500 shares of common stock for cash at $5.25 per share.
Aug. 1 Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize.
Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share.
Nov. 1

Issued 3,000 shares of preferred stock for cash at $112 per share.

Post to the stockholders equity accounts.

Prepare the paid-in capital section of stockholders equity at December 31, 2020.

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