1. April 30, 2016, Reliable Construction Company purchased equiprnent costing SAS, 000 by using n 1 year, 9% note payable. December 31. 2016. Accrue interest on the note payable May 31, 2017, pald the note at maturity. Prepare the necessary journal entries to record the above transactions 2 Fun Time Corporation has two classes of stock: Common, $8 par; Preferred, $30 par. Issue 1200 shares of common stock for $15 per share. Issue 1,000 shares of preferred stock for a total of $30,000. Make the necessary journal entries to record the issuance. Happy Acres Company issued 500,000, 8% seven-year bond payable. Issue the bonds payable at 95 on January 1, 2017. Pay semi- annual cash payment on July 1, 2017. Pay the bond payable at maturity