Problem 11 3A The stockholders equity accounts of Blue Spruce Corp on January 1, 2019, were as follows Preferred Stock (8 , $48 par, cumulative, 10,000 shares authorized) $ 408,000 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,200,000 Paid in Capital in Excess of ParPreferred Stock 150,000 Paid in Capital in Excess of Stated ValueCommon Stock 1,500,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 52,500 During 2019, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued 25,000 shares of common stock for $117,000 Apr 14 Sold 6,000 shares of treasury stockcommon for $33,400 Sept 3 Issued 4,800 shares of common stock for a patent valued at $35,800 Nov 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700 Dec 31 Determined that net income for the year was $480,000 No dividends were declared during the year Journalize the transactions and the closing entry for net income (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 0 for the amounts ) Date Account Titles and Explanation Debit Credit Choose a transaction date Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date Jan 1Feb 1Apr 14Sept 3Nov 10Dec 31 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

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Problem 11-3A The stockholders equity accounts of Blue Spruce Corp. on January 1, 2019, were as follows. Preferred Stock (8%, $48 par, cumulative, 10,000 shares

Problem 11-3A

The stockholders equity accounts of Blue Spruce Corp. on January 1, 2019, were as follows.

Preferred Stock (8%, $48 par, cumulative, 10,000 shares authorized)		$ 408,000
Common Stock ($1 stated value, 2,100,000 shares authorized)		1,200,000
Paid-in Capital in Excess of ParPreferred Stock		150,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,500,000
Retained Earnings		1,850,000
Treasury Stock (10,500 common shares)		52,500

During 2019, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb.	1	Issued 25,000 shares of common stock for $117,000.
Apr.	14	Sold 6,000 shares of treasury stockcommon for $33,400.
Sept.	3	Issued 4,800 shares of common stock for a patent valued at $35,800.
Nov.	10	Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
Dec.	31	Determined that net income for the year was $480,000.

No dividends were declared during the year.

Journalize the transactions and the closing entry for net income. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Choose a transaction date Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date Jan. 1Feb. 1Apr. 14Sept. 3Nov. 10Dec. 31	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount