Problem 13-03A a-c (Video) The stockholders' equity accounts of Blue Spruce Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $52 par, 10,500 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $ 442,000 1,350,000 100,000 1,450,000 1,850,000 50,000 During 2020, 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. Your answer is partially correct. Try again. 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 Feb. 1 | Cash 4000.00 | Common Stock 25000.00 Paid-in Capital in Excess of Par-Common Stock 99000.00 Apr. 14 Cash 10.00 Treasury Stock 29500.00 Paid-in Capital from Treasury Stock 2500.00 Patents 10.00 T Common Stock 4700.00 Paid-in Capital in Excess of Par-Common Stock 29600.00 Treasury Stock Cash 5800.00 Income Summary 00.00 | Retained Earnings 435000.00 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use 15 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 442000.00 Common Stock Date Explanation Ref. Debit Credit Balance Balance Paid-in Capital in Excess of Par-Preferred Stock Date Explanation Ref. Debit Credit Balance Balance v 100000.00 100000.00 Paid-in Capital in Excess of Stated Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance EX Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance 5 T Retained Earnings Date Explanation Ref. Debit Credit Balance Balance v Treasury Stock Date Explanation Ref. Debit Credit Balance Balance BLUE SPRUCE CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 442000.00 Common Stock 1370700.00 | Total Capital Stock 1812700.00 Capital Stock Paid-in Capital in Excess of Par-Common Stock 100000.00 Paid-in Capital in Excess of Stated Value-Commor 1578600.00 Paid-in Capital from Treasury Stock 2500.00 Total Paid-in Capital 3502800.00 2285000.00 Less 26300.00 Treasury Stock T Total Stockholders' Equity 2258700.00
