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Please correct my mistakes and let me know what I did wrong. The stockholders' equity accounts of Blue Spruce Corporation on January 1, 2022, were
Please correct my mistakes and let me know what I did wrong.
The stockholders' equity accounts of Blue Spruce Corporation on January 1, 2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $124,000. Apr. 14 Sold 5,900 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34,300. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,800. Dec. 31 Determined that net income for the year was $435,000. No dividends were declared during the year. Preferred Stock Date Explanation Ref. Jan. 1 Balance Debit Credit Balance Common Stock Date Explanation Ref. Jan. 1 Jan. 1 Balance Feb. 1 Sept. 3 15 J5 Debit Balance Paid-in Capital in Excess of Par-Preferred Stock \begin{tabular}{|lllll} Date & Explanation & Ref. & Debit & Credit \\ \hline Jan. 1 & & Balance & & \\ \end{tabular} Balance Paid-in Capital in Excess of Stated Value-Common Stock \begin{tabular}{|llll|} \hline Date & Explanation & Ref. & Debit \\ \hline Jan. 1 & Balance & & \\ \hline \end{tabular} Feb. 1 Sept. 3 J5 J5 Credit Balance \begin{tabular}{|r|} \hline 1321400 \\ \hline \end{tabular} Treasury Stock Date Explanation Ref. Jan. 1 Balance Apr. 14 Nov. 10 J5 J5 Debit 5 5 Credit Balance 20500 26300Step by Step Solution
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