Question 47 View Policies Current Attempt in Progress The stockholders' equity accounts of Blossom Company on January 1, 2022 were as follows. Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) $475,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,560,000 Paid-in Capital in Excess of Par Value--Preferred Stock 56 Paid-in Capital in Excess of Stated Value - Common Stock 820 Retained Earnings 760,000 Treasury Stock (8,300 common shares) 66,400 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar 1 Issued 6,700 shares of common stock for $85 per share. June 22 Purchased 1,600 additional shares of common treasury stock at $11 per share. Sept. 1 Declared a 9% cash dividend on preferred stock payable October 1 Oct. 1 Paid the dividend declared on September 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022 31 Determined that net income for the year was $123,000. Paid the dividend declared on December 1 Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. Record journal entries in the order preser titles and enter for the amounts.) Debit Credit 569500 67000 502500 17600 17600 42750 42750 Date Account Titles and Explanation Mar. 1 Cash Common Stock Pald-in Capital in Excess of Pa June 22+ Treasury Stock Cash Sept. 19 Retained Earnings Dividends Payable Oct. 1 : Dividends Payable Cash Dec 1 Retained Earnings Dividends Payable Dec 314 Income Summary Retained Earnings (To cose net income) Dec. 31 Dividends Payable Cash (To dose dividends) Dec. 314 Retained Earnings 42750 42750 87660 123000 87660 123000 87660 87660 (Todose cash dividends paid) Save for Later