help with part b

On December 31, 2021, Blossom Company had 1,265,000 shares of $6 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here. $7.590,000 Common Stock Additional Paid-in Capital Retained Earnings 1,710,000 1,265,000 Transactions during 2022 and other information related to stockholders' equity accounts were as follows. 1. 2. 3. On January 10, issued at $106 per share 129,000 shares of $104 par value, 8% cumulative preferred stock. On February 8, reacquired 16,200 shares of its common stock for $13 per share. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. On June 8, declared a cash dividend of $1.70 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. Net income for 2022 was $3,657,000. 4 5. a) (a) Your answer is correct. Record the journal entries that are required for items 1-5 above. (Record entries in the order displayed in the problem statement Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan 10 Cash 136744000 Preferred Stock 113416000 Paid in Capital in Excess of Par Value-Preferred Stock 258000 Feb. 8 Treasury Stock 210600 200600 May Cash Dividends 1073280 Dividends Payable 1073280 Jun. 8 Cash Dividends 2122960 Dividends Payable 2122960 Jun 10 Dividends Payable 1073280 Cash 1073280 Jul 10 Dividends Payable 2122960 Cash 2122960 Dec. 31 Income Summary 3657000 Retained Earnings 3657000 (To close net income) Dec 31 Retained Earnings 3196240 Cash Dividends 3196240 (To close cash dividends) (b) b Your answer is partially correct. Prepare the stockholders' equity section of Blossoms' balance sheet at December 31, 2022. BLOSSOM COMPANY Partial Balance Sheet December 31, 2022 holders' Equity n Capital Stock ferred Stock 13416000 nmon Stock 2590000 Capital Stock 21000000 lonal Paid in Capital Capital Stock 21006000 Ional Paid-in Capital in Capital in Excess of Par Value-Preferred Stock in Capital in Excess of Par Value-Common Stock Additional Paid-in Capital Pald-in Capital ned Earnings Paid-in Capital and Retained Earnings Treasury Stock 210600 i Stockholders' Equity