Question 3 of 6 < > Your answer is partially correct. The stockholders' equity accounts of Blossom Corporation on January 1, 2025, were as follows. Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) $350,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,400,000 Paid-in Capital in Excess of Par-Preferred Stock 50,000 Paid-in Capital in Excess of Stated Value-Common Stock 800,000 Retained Earnings Treasury Stock (7,000 common shares) During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 740.000 56,000 Mar. 1 Issued 6,000 shares of common stock for $80 per share. June 22 Purchased 1,000 additional shares of common treasury stock at $11 per share. Sept. 1 Declared an 8% cash dividend on preferred stock, payable October 1. Oct. 1 Dec. 0.95/1 III E 1 31 Paid the dividend declared on September 1. Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31. 2025 Determined that net income for the year was $110,000. Paid the dividend declared on December 1. Question 3 of 6 0.95/1 E Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Mar, 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock June 22 Treasury Stock Cash Sept. 1 Cash Dividends Dividends Payable. Oct. 1 Dividends Payable Cash Debit 480000 11000 28000 28000 Dec. 1 Cash Dividends 82800 Dividends Payable 10000 Credit 60000 420000 11000 28000 28000 82800 Question 3 of 6 < > Dividends Payable Oct. 1 Dividends Payable Cash 28000 Dec. 1 v Cash Dividends 82800 Dividends Payable Dec. 31 Income Summary 110800 Retained Earnings (To close net income) Dec. 31 110800 Retained Earnings Cash Dividends (To close dividends) 82800 Dec. 31 Dividends Payable Cash (To record payment of the dividend declared on December 1) 0.95/1 28000 28000 82800 110800 110800 02000