Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1,...

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Problem 11-02A (Part Level Submission) The stockholders equity accounts of Blue Spruce Corp. on January 1, 2022, were as fol Prepare the stockholders equity section of the balance sheet at December 31, 2022. BLUE SPRUCE CORP. Partial Balance Sheet C

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Answer 1

Answer #1

BLUE SPRUCE CORP.
Partial Balance Sheet
At December 31,2022
Stockholders' equity
Paid-in capital
Capital stock
Preferred stock	$780,000
Common stock	$2,652,000
Total capital stock		$3,432,000
Additional paid-in capital
In excess of par-preferred stock	$39,000
In excess of stated value-common stock	$1,274,000
Total additional paid-in capital		$1,313,000
Total paid-in capital		$4,745,000
Retained earnings		$2,140,500
Total paid-in capital and retained earnings		$6,885,500
(Less): Treasury stock		($122,200)
Total stockholders' equity		$6,763,300

Calculations:

	Preferred stock	Common stock	PIC-Preferred	PIC-Common	Retained earnings	Treasury stock
Beg.	$780,000	$2,600,000	$39,000	$1,248,000	$1,788,800	$104,000
Feb.1
13,000 x $4 stated value		$52,000
Remaining [78,000-52,000]				$26,000
Mar.20 (2,600 x $7)					($54,600)	$18,200
Oct.1 ($780,000 x 7%)					($323,700)
Dec.1 (647,400* x $0.50)
Dec.31					$730,000
Total	$780,000	$2,652,000	$39,000	$1,274,000	$2,140,500	$122,200

*

Outstanding common shares
Beginnings shares (2,600,000/$4)	650,000
Beginning Treasury stock	-13,000
New issue on Feb.1	13,000
Treasury stock	-2,600
Shares outstanding as on Dec.1	647,400

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