Problem 15-1 (Part Level Submission) On January 5, 2017, Blue Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 46,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Feb. 1 Issued 19,700 shares of common stock at $16 per share. Issued to Sanchez Corp. 3,800 shares of preferred stock for the following assets: equipment with a fair value of $46,000; a factory building with a fair value of $160,000; and land with an appraised value of $247,000. Purchased 1,700 shares of common stock at $16 per share. (Use cost method.) July 29 Aug. 10 Dec. 31 Dec. 31 Sold the 1,700 treasury shares at $15 per share. Declared a $0.40 per share cash dividend on the common stock and declared the preferred dividend. Closed the Income Summary account. There was a $168,200 net income. (b) Prepare the stockholders' equity section of Blue Corporation's balance sheet as of December 31, 2017. (Enter account name only and do not provide descriptive information.) BLUE CORPORATION Stockholders' Equity