Problem 11-2A (Part Level Submission) , 2017, were as follows. The stockholders' equity accounts of Blue Spruce Corp. on January Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings 15,000 480,000 687,500 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. Issued 5,000 shares of common stock for $30,000. 1 Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. Declared a 8% cash dividend on preferred stock, payable November 1 Oct. 1 Paid the dividend declared on October 1. Nov. 1 Dec Declared a $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. 1 Dec. 31 Determined that net income for the year was $280, 100. Paid 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 displayed in the problem statement. Credit a manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Feb. 1 30000 Cash 20000 Common Stock Paid-in Capital in Excess of Stated Value-Common 10000 Mar. 20 Treasury Stock 9000 Cash 9000 Oct. 1 24000 Cash Dividends Dividends Payable 24000 Nov. 1 Dividen ds Payable 24000 Cash 24000 Dec. 1 Cash Dividends 199200 Dividends Payable 199200 Dec. 31 Income Summary 280100 Retained Earnings 280100 To record net income) Dec. 31 Retained Earnings 223200 Cash Dividends 223200 (To close cash dividends) Dec. 31 Dividends Pavable 199200 Cash 199200 (To record payment of cash dividends payable) (b) Your answer is partiallly correct. Try again. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order Preferred Stock 1/1 Bal 300000 12/31 Bal. 300000 Common Stock 1/1 Bal 1000000 2/1 20000 12/31 Bal. 1020000 Paid-in Capital in Excess of Par Value-Preferred Stock 1/1 Bal 15000 12/31 Bal. 15000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal 480000 2/1 10000 490000 12/31 Bal. v Retained Earnings 1/1 Bal. 12/31 223200 687500 12/31 280100 12/31 Bal. v 744400 Cash Dividends 223200 10/1 24000 12/31 12/1 199200 12/31 Bal. 223200 12/31 Bal. 223200 Treasury Stock 40000 1/1 Bal. 3/20 9000 49000 12/31 Bal. click if you would like to Show Work for this question: Open Show Work Prepare the stockholders' equity section of the balance sheet at December 31, 2017 BLUE SPRUCE CORP. Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock 300000 Preferred Stock 1020000 Common Stock 1320000 Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred St 15000 Paid-in Capital in Excess of Stated Value-Common 490000 Total Additional Paid-in Capital 505000 Total Paid-in Capital 1825000 Retained Earnings 744400 Total Paid-in Capital and Retained Earnings 2569400 Less 49000 Treasury Stock 2618400 Total Stockholders' Equity click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT (d) decimal places, e.g. $2.66 and all other ans Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 Payout ratio % Earnings per share Return on common stockholders' equity click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT 71