Reference no: EM132968860
The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 3,500 shares authorized) $210,000
Common Stock ($4 stated value, 210,000 shares authorized) 700,000
Paid-in Capital in Excess of Par Value-Preferred Stock 10,500
Paid-in Capital in Excess of Stated Value-Common Stock 336,000
Retained Earnings 481,600
Treasury Stock (3,500 common shares) 28,000
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 3,500 shares of common stock for $21,000.
Mar. 20 Purchased 700 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 $195,000. Paid the dividend declared on December 1.
Problem 1: Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)
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