The stockholders equity accounts of Blue Spruce Corp on January 1, 2017, were as follows Preferred Stock (7 , $100 par noncumulative, 4,100 shares authorized) $246,000 Common Stock ($5 stated value, 295,000 shares authorized) 1,229,166 Paid in Capital in Excess of Par ValuePreferred Stock 12,300 Paid in Capital in Excess of Stated ValueCommon Stock 472,000 Retained Earnings 685,500 Treasury Stock (4,100 common shares) 32,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued 4,750 shares of common stock for $28,500 Mar 20 Purchased 1,200 additional shares of common treasury stock at $7 per share Oct 1 Declared a 7 cash dividend on preferred stock, payable November 1 Nov 1 Paid the dividend declared on October 1 Dec 1 Declared a $0 85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec 31 Determined that net income for the year was $276,500 Paid the dividend declared on December 1 Journalize the transactions (Include entries to close net income and dividends to Retained Earnings ) (Record entries in the order displayed in the problem statement 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 Round answers to O decimal places, e g 5,275 ) Date Account Titles and Explanation Debit Credit To record net income) (To dose cash dividends) To record payment of cash dvidends payable)

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The stockholders equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,100 shares authorized) $246,000

The stockholders equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,100 shares authorized)		$246,000
Common Stock ($5 stated value, 295,000 shares authorized)		1,229,166
Paid-in Capital in Excess of Par ValuePreferred Stock		12,300
Paid-in Capital in Excess of Stated ValueCommon Stock		472,000
Retained Earnings		685,500
Treasury Stock (4,100 common shares)		32,800

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

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Feb.	1	Issued 4,750 shares of common stock for $28,500.
Mar.	20	Purchased 1,200 additional shares of common treasury stock at $7 per share.
Oct.	1	Declared a 7% cash dividend on preferred stock, payable November 1.
Nov.	1	Paid the dividend declared on October 1.
Dec.	1	Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31	Determined that net income for the year was $276,500. Paid the dividend declared on December 1.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit To record net income) (To dose cash dividends) To record payment of cash dvidends payable)