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On January 1, 2019, Blue Spruce Corp. had the following stockholders' equity accounts. Common Stock...

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Accounting

On January 1, 2019, Blue Spruce Corp. had the following stockholders' equity accounts.

Common Stock ($14 par value, 77,300 shares issued and outstanding)

$1,082,200 Paid-in Capital in Excess of Par Value-Common Stock 203,000

Retained Earnings 581,000

During the year, the following transactions occurred.

Jan. 15 Declared a $1.12 cash dividend per share to stockholders of record on January 31, payable February 15.

Feb. 15 Paid the dividend declared in January.

Apr. 15 Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share.

May 15 Issued the shares for the stock dividend.

July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $13. (The new par value is $7.)

Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2020.

Dec. 31 Determined that net income for the year was $225,000.

Journalize the transactions and the closing entries for net income and dividends.

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