Martinez Inc. issues 4,500 shares of $100 par value preferred stock for cash at $140 per share. Journalize the issuance of the preferred stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Preferred Stock Cash Debit 630000 Credit 450000 At the end of its first year of operation, Blue Spruce Corporation has $1,105,000 of common stock and net income of $221,000. (a) Your answer is correct. Prepare the closing entry for net income. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Income Summary Retained Earnings Debit 221000 Credit 221000 (D). BLUE SPRUCE CORPORATION Balance Sheet (partial) Prepare the stockholders' equity section at year-end. A +A Whispering Winds Corporation began operations on April 1 by issuing 59,500 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,450 shares of common stock to attorneys in settlement of their bill of $26,900 for organization costs. In addition, Whispering Winds issued 1,150 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 1 Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Apr. 19 Organization Expense Common Stock Debit 833000 26900 Credit 297500 535500 12250 Paid-in Capital in Excess of Par-Common Stock Apr. 19 Organization Expense Common Stock Paid-in Capital in Excess of Par-Common Stock (To record issuance of common stock for attorney's fees) Apr. 19 < Cash Preferred Stock Paid-in Capital in Excess of Par-Common Stock (To record issuance of Preferred stock for cash) 26900 5750 535500 12250 14650 1150 4600 Sarasota Corporation purchased 3,500 shares of its $10 par value common stock for $234,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 2,100 shares of treasury stock for cash at $73 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Aug. 1 Treasury Stock Cash Dec. 1 Cash Treasury Stock Paid-in Capital from Treasury Stock Debit 234500 153300 Credit 234500