Problem 11-2A (Part Level Submission)

The stockholders equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows.

Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized)		$300,000
Common Stock ($4 stated value, 300,000 shares authorized)		1,000,000
Paid-in Capital in Excess of Par ValuePreferred Stock		15,000
Paid-in Capital in Excess of Stated ValueCommon Stock		480,000
Retained Earnings		687,500
Treasury Stock (5,000 common shares)		40,000

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1		Issued 5,000 shares of common stock for $30,000.
Mar.	20		Purchased 1,000 additional shares of common treasury stock at $9 per share.
Oct.	1		Declared a 8% cash dividend on preferred stock, payable November 1.
Nov.	1		Paid the dividend declared on October 1.
Dec.	1		Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31		Determined that net income for the year was $280,100. Paid the dividend declared on December 1.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Cash 30000 Feb. 1 Common Stock 20000 Paid-in Capital in Excess of Stated Value-Commor 10000 9000 Mar, 20 Treasury Stock Cash 9000 Cash Dividends 24000 Oct. 1 24000 Dividends Payable Dividends Payable 24000 Nov. 1 24000 Cash Dec. 1 199200 Cash Dividends 199200 Dividends Payable Income Summary Dec. 31 280100 280100 Retained Earnings (To record net income) Dec. 31 Retained Earnings 223200 Cash Dividends 223200 (To dose cash dividends) Dec. 31 Dividends Payable 199200 199200 Cash (To record payment of cash dividends payable) Open Show Work Click Show Work for this question: you would like Your answer is partially correct. Try again. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero endin Preferred Stock 1/1 Bal. 300000 12/31 Bal. 300000 Common Stock 1/1 Bal. 1000000 || 2/1 20000 12/31 Bal. 1020000 Paid-in Capital in Excess of Par Value-Preferred Stock I1/1 Bal. 15000 12/31 Bal. " 15000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 480000 || 2/1 10000 12/31 Bal. 490000 Retained Earnings 687500 12/31 199200 1/1 Bal. 12/31 | 12/31 24000 280100 12/31 Bal. 967600 Cash Dividends 24000 10/1 223200 12/31 Bal. J12/1 199200 II Treasury Stock |1/1 Bal. 40000 9000 II 3/20 | 12/31 Bal. 49000 Click if you would like to Show Work for this question: Open Show Work