Blue Spruce Corp.'s balance sheet at December 31, 2021, is presented below. BLUE SPRUCE CORP. Balance Sheet December 31, 2021 Cash $71,340 Accounts payable $74,240 Accounts receivable 131,950 Common stock ($10 par) 232,000 Allowance for doubtful accounts (4,350) Retained earnings 369,460 Supplies 12,760 Land 116.000 Buildings 411,800 Accumulated depreciation-buildings (63.800) $675,700 $675,700 During 2022, the following transactions occurred. 1. On January 1, Blue issued 3,480 shares of $40 par, 7% preferred stock for $142,680. 2. On January 1, Blue also issued 2.610 shares of the $10 par value common stock for $60,900. 3. Blue performed services for $928,000 on account. 4. On April 1, 2022, Blue collected fees of $104,400 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Blue collected $800,400 from customers on account. 6. Blue bought $101,790 of supplies on account. 7. Blue paid $93.380 on accounts payable. 8. Blue reacquired 1,160 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $545,780. 10. On December 31, 2022, Blue declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $4.930 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $17,110 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $10,150 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $29,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entre for the tractions and above and dating entre Cultu Donatinden m e nys r e ct"No Entry for the core and the pro r e autor d e for the counts Record on montare the order ed No. Account Tities and Explanation Debit Credit Adjusting entries e Testbook and Media