The stockholders' equity accounts of Blue Spruce Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $48 par, 10,500 shares authorized) $ 408,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,100,000 Paid-in Capital in Excess of Par-Preferred Stock 125,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,850,000 Treasury Stock (11.000 common shares) 44,000 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 $120,000. Apr. 141 Sold 6,000 shares of treasury stock-common for $32,600. Sept. 3 Issued 4,800 shares of common stock for a patent valued at $35,700. Nov. 10 Dec. 31 Purchased 1,100 shares of common stock for the treasury at a cost of $5,900. Determined that net income for the year was $450,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit