Your grade has been recorded in the Gradebook Mon, May 11, 2020, 12:52:43 AM (America/New York-04:00) Question 3 0.96/2 View Policies Show Attempt History Current Attempt in Progress Blue Spruce Corp. has been authorized to issue 19,100 shares of $100 ar value, 6%, noncumulative preferred stock and 1.010,000 shares of no par common stock 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 Paid-in Capital in Excess of Par Value --Preferred Stock Common Stock $141.000 20.100 Treasury Stock (3.760 common shares) Retained Earnings Accumulated Other Comprehensive Income 41.360 80.500 48.100 The preferred stock was issued for $161.100 cash. All common stock issued was for cash. In November 3,760 shares of common stock were purchased for the treasury at a per share cost of $11. 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 manual 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. No. Account Titles and Explanation Debit Credit Cash 161.000 Preferred Stock 141,000 20,100 Paid-in Capital in Excess of Par Value-Preferred Stock Cash 1.915.000 Common Stock 1.420,000 Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock Cash e Textbook and Media I STOCKTOS Y SU BLUE SPRUCE CORP. Partial Balance Sheet December 31, 2022 141,000 Preferred Stock 20,100 Paldrig Capital in Excess of Par Value. Preferred Stock $ 161,000 1,915.000 Common Stock 1,420,000 Pald-in Capital in Excess of Stated Value-Common Stock 3.335.000 Common Stock 1.915,000 Pald-in Capital in Excess of Stated Value Common Stock 1420,000 3,335,000 Add : Retained Earnings e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Mon, May 11, 2020,12:52:43 AM (America/New York-04:00) Question 4 View Policies Sheffield Company manufactures backpacks. During 2022, Sheffield issued bonds at 12% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for Sheffield Company for the years 2022 and 2021. Sales revenue Netincome Interest expense 2022 2021 $16,650,000 $16,650,000 4,144,000 4,625,000 1,350,000 378,000 1,239,500 1,387,500 2,403,000 2,770,200 810,000 810.000 Tax expense Dividends paid on common stock Dividends paid on preferred stock Total assets (year-end) Average total assets Total liabilities (year-end) 29.021.875 16,200,000 25,380,000 47,960,100 8,100,000 38,070.000 Avg. total common stockholders' equity Blackboard Leam m /4012522 Q Warriors Don't Cry... a My Inbox Helper G Google Total liabilities (year end) 16,200,000 Avg. total common stockholders' equity 25,380,000 memes that keep m. Verbalase Megalov. Home Rest memes that make 8,100,000 38,070,000 Use the information above to calculate the following ratios for both years: (Round answers to 1 decimal place, s. 125% or 12,5) 2022 (1) Return on assets (2) Return on common stockholders' equity (3) I Payout ratio R RR (4) Debt to assets ratio (5) times times Times interest earned e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for later Your grade has been recorded in the Gradebook Mon, May 11, 2020. 12:52:43 AM (America/New York-04:00] Previous