Problem 11-1A (Part Level Submission) Blue Spruce Corp. was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 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 81,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $90,500. The fair value of the land was $89,000. May 1 Issued 80,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share. Nov. 1 Issued 3,000 shares of preferred stock for cash at $110 per share. v (a) Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. 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 489000 Common Stock 244500 Paid-in Capital in Excess of Stated Value-Commor 244500 Mar. 1 Cash 462000 Preferred Stock 440000 Paid-in Capital in Excess of Par-Preferred Stock 22000 Apr. 1 Land 89000 Common Stock 67500 Apr. 1 Land 89000 Common Stock 67500 Paid-in Capital in Excess of Stated Value-Commor 21500 May 1 Cash 340000 Common Stock 240000 Paid-in Capital in Excess of Stated Value-Commor 100000 Aug. 1 Organization Expense 39500 Common Stock 34500 Paid-in Capital in Excess of Stated Value-Commor 5000 Sept. 1 Cash 80500 Common Stock 34500 Paid-in Capital in Excess of Stated Value-Commor 46000 Nov. 1 Cash 330000 Preferred Stock 300000 Paid-in Capital in Excess of Par-Preferred Stock 30000 Click if you would like to Show Work for this question: Open Show Work (b) ost to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Paid-in Capital in Excess of Stated Value-Common Stock V V V Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Novak Corp. has 72,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on Decem 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries in the order presented in the problem. 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 amount Date Account Titles and Explanation Debit Credit Nov. 1 v Dividends 72000 Dividends Payable 72000 Dec. 31 Dividends Payable 72000 Cash 720001 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. vifty Corporation has 44,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per sh sued on December 31. epare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account to hen 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 Dec. 1 83600 Common Stock Dividends Distributable 44000 Paid-in Capital in Excess of Par-Common Stock 39600 Dec. 31 ||Common Stock Dividends Distributable 44000 Common Stock 440001