Allenby Honey is a brand new, publicly traded honey manufacturer. The company just began operations in the first quarter of the year 2023. Listed below are the descriptions of the transactions the company recorded during the first quarter. Please record the journal entry for each of these transactions (if necessary) and prepare the three main financial statements for the company: Allenby's income statement, statement of retained earnings, and classified balance sheet. If necessary, round all numbers in the journal entries to the nearest penny and all numbers on financial statements to the nearest dollar.

Jan 1) Allenby Honey's Board of Directors authorized 1,000,000 shares of $3 par common stock and 50,000 shares of $40 par, 4% preferred stock.

Jan 1) Allenby Honey issued 300,000 shares of its $3 par common stock at a market price of $18 per share.

Jan 2) Allenby Honey issued 20,000 shares of its $40 par, 4% preferred stock at a market price of $45 per share.

Jan 2) Allenby Honey issued 200,000 shares of its $3 par common stock at a market price of $22 per share.

Jan 2) Allenby Honey issued 4%, five-year bonds with a face value of $1,000,000. These bonds were issued at a bond price of 98. The bonds pay interest quarterly. In addition to recording the journal entry to account for the issuance of these bonds, please prepare the accompanying bond amortization table.

Jan 2) Allenby Honey signed a $480,000, 10%, three-year notes payable with Spartan Savings Bank. Allenby will make quarterly payments on this loan of $40,000 plus interest. In addition to recording the journal entry to account for the receipt of funds for signing this note, please prepare the accompanying loan amortization table.

Jan 2) Allenby Honey acquired a production facilty for $2,000,000, In order acquire this facility, the company made a $200,000 cash down payment and signed a 9%, twenty-year mortgage with Kotter Loans for the remainder. Allenby will make monthly payments of $16,195.07 on this mortgage. In addition to recording the journal entry to account for the acquisition of the building, please prepare the accompanying mortgage amortization table.

Jan 3) Allenby Honey invested in 200,000 shares of Winnie Industries common stock. Allenby purchased these shares from the open market at a market price of $0.50 per share. These 200,000 shares are only a small portion of Winnie's outstanding common shares and Allenby, subsequently, did not have significant influence over the other company.

Jan 3) Allenby Honey purchased $600,000 worth of 3%, five-year corporate bonds from Robin's Ice Cream. These bonds were purchased at face value, pay interest quarterly, and will be held to maturity.

Jan 31) Allenby Honey made its first monthly payment to Kotter Loans on its mortgage. Reference Allenby's mortgage amortization table to determine the portion of the $16,195.07 payment which is applied towards interest and the portion applied towards the mortgage's principal.

Feb 1) Allenby Honey repurchased 80,000 shares of its own previously issued common stock. The shares were repurchased at a market price of $20 per share.

Feb 28) Allenby Honey made its second monthly payment to Kotter Loans on its mortgage. Reference Allenby's mortgage amortization table to determine the portion of the $16,195.07 payment which is applied towards interest and the portion applied towards the mortgage's principal balance.

Mar 1) Allenby Honey sold 50,000 shares of the treasury stock which was purchased on February 1st. These shares were sold at a market price of $29 per share.

Mar 1) Allenby Honey sold 100,000 shares of its equity investment in Winnie Industries' common stock. The shares were sold at a market price of $0.40 per share.

Mar 15) Allenby Honey declared an $0.80 per share cash dividend on common shares and a normal quarterly dividend on preferred shares. Allenby set the date of record for this upcoming payment as March 22nd and will pay the dividends on March 30th.

Mar 22) The date of record on Allenby's dividend declaration passed. Mar 30) Allenby Honey paid the dividends declared on March 15th.

Mar 31) Allenby Honey made its first quarterly payment on its notes payable with Spartan Bank. Reference Allenby's notes payable amortization table to determine the total amount of this payment as well as the portion of the payment that was applied to principal and interest, respectively.

Mar 31) Allenby Honey made a quarterly interest payment on the 4%, five-year bonds the company issued on January 2nd. Reference Allenby's bond amortization table to determine the amount of the cash payment the company made to its bondholders, the amount of the discount (premium) which was mortized, and the total amount of interest expense the company recognized on its books.

Mar 31) Allenby Honey made its third monthly payment to Kotter Loans on its mortgage. Reference Allenby's mortgage amortization table to determine the portion of the $16,195.07 payment which is applied towards interest and the portion applied towards the mortgage's principal.

Mar 31) Allenby Honey received a cash dividend of $.05 per share from Winnie Industries for its remaining equity investment in the company's common stock. Mar 31)Allenby Honey received a quarterly interest payment from Robin's Ice Cream for the corporate bonds it owns.

Mar 31)Allenby Honey recorded the journal entry to account for the inventory on its books at the end of the quarter. 31-Mar Finished Goods Inventory 2,100,000 WIP Inventory 150,000 Raw Materials Inventory 250,000 Cash 2,200,000 Accounts Payable 300,000 Recorded inventory costs for the period Mar 31)Allenby Honey recorded sales revenue for the period. 31-Mar Cash 3,000,000 Accounts Receivable 1,000,000 Sales Revenue 4,000,000 Recorded inventory costs for the period

Mar 31)Allenby Honey recorded COGS for the quarter. 31-Mar Cost of Goods Sold 1,800,000 Finished Goods Inventory 1,800,000 Recorded COGS for period sales Mar 31)Allenby Honey recorded the purchase of equipment and supplies during the period. 31-Mar Supplies 100,000 Equipment 2,400,000 Cash 2,500,000 Recorded purchase of supplies and equipment during the period

Mar 31)Allenby Honey recorded the company's operating expenses for the period. 31-Mar Salaries Expense 165,000 Utilities Expense 190,000 Advertising Expense 500,000 Supplies Expense 50,000 Property Tax Expense 20,000 Depreciation Expense 35,000 Miscellaneous Expense 40,000 Cash 850,000 Supplies 50,000 Salaries Payable 25,000 Accounts Payable 40,000 Acc. Dep. - Equipment 10,000 Acc. Dep. - Buildings 25,000 Recorded operating expenses for the period Mar 31) Allenby Honey wrote a check to the U.S. Government for its quarterly income tax expense. 31-Mar Income Tax Expense 136,061 Cash 136,061 Paid quarterly income taxes

Mar 31) Allenby Honey recorded the adjusting entry to adjust the book value of its equity investment in Winnie Industries to it fair market value. At the end of the quarter, Winnie Industries' common stock was trading on the market at a market price of $1.00 per share. Allenby did not need to adjust the book value of its investment in Robin's Ice Cream's Bonds.

Mar 31) Allenby Honey recorded the closing entry to close its cash dividend account for the period.