Question 6 of 7 -11 E Blue Spruce Corporation is authorized to issue 22,000 shares of $50 par value. 10% preferred stock and 125.000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders equity balances. Preferred Stock (11.500 shares) $575.000 Paid-in Capital in Excess of Par-Preferred Stock 65,500 Common Stock (60.500 shares) 302.500 Paid-in Capital in Excess of Par-Common Stock 740.000 Retained Earnings 350,000 During 2022, the following transactions occurred Feb 1 Issued 2.200 shares of preferred stock for land having a fair value of $121,000 Mar 1 Issued 1,000 shares of preferred stock for cash at $70 per share July 1 Issued 17.000 shares of common stock for cash at $7 per share. Sept 1 Dec Dec 31 Issued 350 shares of preferred stock for a patent. The asking price of the patent was $28.000. Market price for the preferred stock was $69 and the fair value for the patent was indeterminable. Issued 8.500 shares of common stock for cash at $7.50 per share. Net income for the year was $263.000 No dividends were declared.