The stockholders equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) $780,000 Common Stock ($4 stated value, 780,000 shares authorized) 2,600,000 Paid-in Capital in Excess of Par ValuePreferred Stock 39,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,248,000 Retained Earnings 1,788,800 Treasury Stock (13,000 common shares) 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 13,000 shares of common stock for $78,000. Mar. 20 Purchased 2,600 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 $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Dec. 31 Determined that net income for the year was $730,000. Paid the dividend declared on December 1.

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