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. Journalize the transactions and the closing entry for net income. (Record journal entries in the ord automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit u SHOW LIST OF ACCOUNTS CALCULATOR PRIN Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Use J5 for the posting referen order of journal entries presented in the previous part.) Preferred Stock Date Explanation Ref. Balance Debit Credit 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 35 J5 Pald-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance 35 J5 Paid-in Capital from Treasury Stock Date Explanation Ref. Debit Credit Balance 05 Retained Earnings Date Explanation Ref. Debit Credit Balance Balance J5 Treasury Stock Date Explanation Ref. Debit Credit Balance Balance 35 15 SHOW LIST OF ACCOUNTS BLUE SPRUCE CORPORATION Balance Sheet (Partial) $ $ $ $ $ Open Show Work Click if you would like to Show Work for this