Question 4 of 4 The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) $ 400,000 1,000,000 Common Stock ($1 stated value, 2,050,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock 120,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (10,500 common shares) 42,000 1.67/5 III Question 4 of 4 < > During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $115,000. Apr. 14 Sold 5,700 shares of treasury stock-common for $33,200. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $405,000. No dividends were declared during the year. 1.67/5 !!! Question 4 of 4 < > 1.67/5 E !!! 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 O for the amounts.) Date Account Titles and Explanation Feb. 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Anr 14 Cach Debit 115000 22200 Credit 25500 89500 ... Question 4 of 4 Apr. 14 Cash < > Treasury Stock Paid-in Capital from Treasury Stock Sept. 3 Patents Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov 10 v Treasury Stock 33200 35000 6100 1.67/5 E! 22800 10400 5200 29800 Question 4 of 4 < > Nov. 10 Treasury Stock Cash Dec. 31 Income Summary Retained Earnings 6100 405000 1.67/5 6100 405000 Question 4 of 4 < > 1.67/5 Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock : B Question 4 of 4 < > Common Stock 1.67/5 Question 4 of 4 < > Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 1.67/5 Question 4 of 4 < > 1.67/5 E !!! Retained Earnings Paid-in Capital from Treasury Stock Question 4 of 4 Paid-in Capital from Treasury Stock Treasury Stock 1.67/5 Question 4 of 4 Treasury Stock 1.67/5 III E ...