*Problem 13-03A a-c (Video) The stockholders' equity accounts of Blue Spruce Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,500 shares authorized) $ 408,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,100,000 Paid-in Capital in Excess of Par-Preferred Stock 125,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 44,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $120,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,600. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $35,700. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $450,000. 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.) Date Account Titles and Explanation Debit Credit Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 35 for the posting reference.) (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Debit Credit Balance Balance Common Stock Date Explanation Ref. Debit Credit Balance Balance J5 J5 Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance V J5 J5 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance J5 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance 25 Treasury Stock Date Explanation Ref. Debit Credit Balance Balance 15 J5 Prepare a stockholders' equity section at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) BLUE SPRUCE CORPORATION Balance Sheet (Partial) $ $ $ $