U course Home - S The stockholders' equity accounts of Indigo Corporation on January 1, 2022 were as follows Preferred Stock (7%, $100 par noncumulative, 10,000 shares authorized) $600,000 Common Stock ($4 stated value, 600,000 shares authorized) 2,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 30,000 Pald-in Capital in Excess of Stated Value-Common Stock 960,000 Retained Earnings 1,376,000 Treasury Stock (10,000 common shares) 80,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 10,000 shares of common stock for $60,000. Mar. 20 Purchased 2,000 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 $560,000. Pald 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 display problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,sele for the account titles and enter for the amounts. Round answers to O decimal places, c.8.5.2753 Date Credit Debit Account Titles and Explanation The ledger of Sarasota Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts Preferred Stock (11,400 shares issued) Common Stock (304,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Pald-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,162,800 2,128,000 175,000 1,640,000 2,778,500 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2021. 11,400 shares have been outstanding: 22.800 shares are authorized 2. Common stock is no-par with a stated value of $7 per share: 608,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,284,000 4. On October 1,57.500 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $394,500 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021. 6. Net Income for the year was $889,000 7. On December 31, 2022, the directors authorized disclosure of a $164,000 restriction of retained earnings for plant expansion. (Use Note A Reproduce the Retained Earnings account for the year. Retained Earnings Current Attempt in Progress Blue Spruce Corp. has been authorized to Issue 21,300 shares of $100 par value, 9%, noncumulative preferred stock and 1.135,000 shares of no par common stock. ort The corporation assigned a $4 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $163,000 Pald-in Capital in Excess of Par Value --Preferred Stock 22,300 Common Stock 2,025,000 Paid-in Capital in Excess of Stated Value-Common Stock 1.640,000 Treasury Stock (4,350 common shares) 52,200 Retained Earnings 83.200 Accumulated Other Comprehensive Income 50,300 The preferred stock was issued for $185,300 cash. All common stock issued was for cash. In November 4,350 shares of common stock were purchased for the treasury at a per share cost of $12. No dividends were declared in 2022. Prepare the journal entries for the following Credit account titles are automatically indented when amount is entered. Do not Indent manually. I no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) Issuance of preferred stock for cash (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash