Blue Spruce Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $51. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $52 per share. July 1 Issued 30,000 shares for cash at $57 per share. |(a) Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Assets Liabilities Retained Earnings Paid-in-Capital PIC in Excess of Par Value Pref. PIC in Excess of Par Value Common Cash Pref. Stock Dividend Stock Com. Expense Revenue 1,000,000| 40,000 Feb. 1 1,040,000 1,000,000 710,000 July 1 1,710,000