Comprehensive problem Part A Need my work corrected EVERYTHING WRONG IS HIGHLIGHTED IN RED SOME BLANKS ARE LEFT EMPTY NEAR THE END THAT I CANT FIND OUT AND NEED TO BE DONE Selected transactions completed by Equinox Products Inc during the fiscal year ended December 31, 2016, were as follows Record on journal page 10 Jan 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash Feb 15 Issued 4,000 shares of $80 par preferred 5 stock at $100, receiving cash May 1 Issued $500,000 of 10 year, 5 bonds at 104, with interest payable semiannually 16 Declared a dividend of $0 50 per share on common stock and $1 00 per share on preferred stock On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding Journalize this transaction as a single entry 26 Paid the cash dividends declared on May 16 Jun 1 Purchased 7,500 shares of Solstice Corp at $40 per share, plus a $150 brokerage commission The investment is classified as an available for sale investment 8 Purchased 8,000 shares of treasury common stock at $33 per share 22 Purchased 40,000 shares of Pinkberry Co stock directly from the founders for $24 per share Pinkberry has 125,000 shares issued and outstanding Equinox Products Inc treated the investment as an equity method investment 30 Declared a $1 00 cash dividend per share on preferred stock On the date of record, 20,000 shares of preferred stock were outstanding Jul 11 Paid the cash dividends declared on Jun 30to the preferred stockholders Aug 27 Received $27,500 dividend from Pinkberry Co investment of Jun 22 Record on journal page 11 Oct 1 Purchased $90,000 of Dream Inc 10 year, 5 bonds, directly from the issuing company, at their face amount plus accrued interest of $375 The bonds are classified as a held to maturity long term investment 7 Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun 8 14 Received a dividend of $0 60 per share from the Solstice Corp investment on Jun 1 29 Sold 1,000 shares of Solstice Corp at $45, including commission 31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months The amortization is determined using the straight line method Dec 31 Accrued interest for three months on the Dream Inc bonds purchased on Oct 1 31 Pinkberry Co recorded total earnings of $240,000 Equinox Products recorded equity earnings for its share of Pinkberry Co net income 31 The fair value for Solstice Corp stock was $39 02 per share on December 31, 2016 The investment is adjusted to fair value, using a valuation allowance account Assume Valuation Allowance for Available for Sale Investments had a beginning balance of zero Required 1 Journalize the selected transactions Refer to the Chart of Accounts for exact wording of account titles CHART OF ACCOUNTS Equinox Products Inc General Ledger ASSETS 110 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 131 Merchandise Inventory 132 Interest Receivable 133 Prepaid Expenses 141 Investment in Solstice Corp Stock 142 Investment in Pinkberry Co Stock 143 Investment in Dream Inc Bonds 144 Valuation Allowance for Available for Sale Investments 181 Store Buildings and Equipment 182 Accumulated Depreciation Store Buildings and Equipment 183 Office Buildings and Equipment 184 Accumulated Depreciation Office Buildings and Equipment 191 Goodwill LIABILITIES 211 Accounts Payable 221 Income Tax Payable 225 Cash Dividends Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Preferred Stock 312 Paid in Capital in Excess of Par Preferred Stock 321 Common Stock 322 Paid in Capital in Excess of Par Common Stock 331 Retained Earnings 341 Cash Dividends 351 Treasury Stock 352 Paid in Capital from Sale of Treasury Stock 361 Unrealized Gain (Loss) on Available for Sale Investments 1 Journalize the selected transactions Refer to the Chart of Accounts for exact wording of account titles Scroll down for journal page 11 Comprehensive Problem (Part B) Note You must complete Comprehensive Problem (Part A) before completing Comprehensive Problem (Part B) Required 1 After all of the transactions for the year ended December 31, 2016, had been posted including the transactions recorded in part (1) and all adjusting entries , the data that follows were taken from the records of Equinox Products Inc A Prepare a multiple step income statement for the year ended December 31, 2016, concluding with earnings per share In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000 Enter all amounts as positive numbers EXCEPT in the Other income and expenses In that section only, enter amounts that represent other expenses as negative numbers using a minus sign Round earnings per share to the nearest cent ) B Prepare a retained earnings statement for the year ended December 31, 2016 C Prepare a balance sheet in report form as of December 31, 2016 Read the instructions above each financial statement carefully They may contain specific instructions for completing the statement Income Statement data Advertising expense $ 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense office buildings and equipment 30,000 Depreciation expense store buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investments 4,980 Income from Pinkberry Co investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7,500 INCOME STATEMENT DATA Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data Accounts payable $ 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable, 5 , due 2024 500,000 Cash 246,000 Common stock, $20 par (400,000 shares authorized 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 RETAINED EARININGS AND BALANCE SHEET DATA Interest receivable 1,125 Investment in Pinkberry Co stock (equity method) 1,009,300 Investment in Dream Inc bonds (long term) 90,000 Merchandise inventory (December 31, 2016), at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid in capital from sale of treasury stock 13,000 Excess of issue price over par Common 886,800 Preferred 150,000 Preferred 5 stock, $80 par (30,000 shares authorized 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of $33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500) CHART OF ACCOUNTS Equinox Products, Inc General Ledger ASSETS 110 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 131 Merchandise Inventory 132 Interest Receivable 133 Prepaid Expenses 141 Investment in Solstice Corp Stock 142 Investment in Pinkberry Co Stock 143 Investment in Dream Inc Bonds 144 Valuation Allowance for Available for Sale Investments 181 Store Buildings and Equipment 182 Accumulated Depreciation Store Buildings and Equipment 183 Office Buildings and Equipment 184 Accumulated Depreciation Office Buildings and Equipment 191 Goodwill LIABILITIES 211 Accounts Payable 221 Income Tax Payable 225 Cash Dividends Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Preferred Stock 312 Paid in Capital in Excess of Par Preferred Stock 321 Common Stock 322 Paid in Capital in Excess of Par Common Stock 331 Retained Earnings 341 Cash Dividends 351 Treasury Stock 352 Paid in Capital from Sale of Treasury Stock 361 Unrealized Gain (Loss) on Available for Sale Investments Labels Current assets Current liabilities December 31, 2016 For the Year Ended December 31, 2016 Intangible assets Investments Less dividends Long term liabilities Operating expenses Other income and expenses Paid in capital Add dividends Property, plant, and equipment Amount Descriptions Available for sale investments Decrease in retained earnings Excess of issue price over par Gross profit Income before income tax Income from operations Miscellaneous selling expense Net income Net loss Retained earnings, January 1, 2016 Retained earnings, December 31, 2016 Sales commissions Sales salaries expense Store supplies expense Total administrative expenses Total assets Total (before treasury stock) Total current assets Total current liabilities Total liabilities Total liabilities and stockholders equity Total long term liabilities Total investments Total operating expenses Total paid in capital Total property, plant, and equipment Total selling expenses Total stockholders equity Unamortized premium Unamortized discount 1 A Prepare a multiple step income statement for the year ended December 31, 2016, concluding with earnings per share In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000 Enter all amounts as positive numbers EXCEPT in the Other income and expenses In that section only, enter amounts that represent other expenses as negative numbers using a minus sign Round earnings per share to the nearest cent ) Refer to the Chart of Accounts for exact wording of account titles Refer to the Labels and Amount Descriptions for exact wording of text entries 2 B Prepare a retained earnings statement for the year ended December 31, 2016 Refer to the Chart of Accounts for exact wording of account titles Refer to the Labels and Amount Descriptions for exact wording of text entries You will need to enter the word Less or Add as necessary 2 C Prepare a balance sheet in report form as of December 31, 2016 You are not required to present the details of Preferred and Common Stock (i e , number of shares authorized, issued and outstanding) Refer to the Chart of Accounts for exact wording of account titles Refer to the Labels and Amount Descriptions for exact wording of text entries Less , Deduct, Add and colons will appear automatically Available for sale investments should be reported as a single asset on the balance sheet, regardless of how many accounts exist in the ledger for such assets Recall that current assets are to be reported in order of liquidity Available for sale investments are considered to be more liquid that accounts receivable Report fixed assets and paid in capital accounts in account number order Omit the description of bonds and stocks (i e , percentage rates, due date, number of shares, etc ) Enter all amounts as positive numbers, with one exception If an unrealized loss has occurred, it must be reported as a negative amount on the balance sheet lm take Assignment takeAssignment Main do invoker assignment a prehensive Problem Comprehensive Problem 4 (Part A) ournal ournal DATE DESCRIPTION POST REF Jan 3 Cash 450,000 00 Common Stock 300,000 00 Paid in Capital in Excess of Par Common Stock 150,000 00 Feb 15 Cash 400000 00 Preferred Stock 320,000 00 Paid in Capital in Excess of Par Preferred Stock 80,000 00 May 1 Cash 520,000 00 Bonds Payable 500,000 00 Premium on Bonds Payable 20,000 00 May 16 Cash Dividends 70,000 00 10 Cash Dividends Payable 70,000 00 May 26 Cash Dividends Payable 70,000 00 70,000 00 13 Cash 300,150 00 Jun 1 Investment in Solstice Corp Stock heck My Work

Question

Comprehensive problem Part A  Need my work corrected  EVERYTHING WRONG IS HIGHLIGHTED IN RED  SOME BLANKS ARE LEFT EMPTY NEAR THE END THAT I CANT FIND OUT AND NEED TO BE DONE  Selected transactions completed by Equinox Products Inc  during the fiscal year ended December 31, 2016, were as follows  Record on journal page 10  Jan  3 Issued 15,000 shares of $20 par common stock at $30, receiving cash  Feb  15 Issued 4,000 shares of $80 par preferred 5  stock at $100, receiving cash  May 1 Issued $500,000 of 10 year, 5  bonds at 104, with interest payable semiannually  16 Declared a dividend of $0 50 per share on common stock and $1 00 per share on preferred stock  On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding  Journalize this transaction as a single entry  26 Paid the cash dividends declared on May 16  Jun  1 Purchased 7,500 shares of Solstice Corp  at $40 per share, plus a $150 brokerage commission  The investment is classified as an available for sale investment  8 Purchased 8,000 shares of treasury common stock at $33 per share  22 Purchased 40,000 shares of Pinkberry Co  stock directly from the founders for $24 per share  Pinkberry has 125,000 shares issued and outstanding  Equinox Products Inc  treated the investment as an equity method investment  30 Declared a $1 00 cash dividend per share on preferred stock  On the date of record, 20,000 shares of preferred stock were outstanding  Jul  11 Paid the cash dividends declared on Jun  30to the preferred stockholders  Aug  27 Received $27,500 dividend from Pinkberry Co  investment of Jun  22  Record on journal page 11  Oct  1 Purchased $90,000 of Dream Inc  10 year, 5  bonds, directly from the issuing company, at their face amount plus accrued interest of $375  The bonds are classified as a held to maturity long term investment  7 Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun  8  14 Received a dividend of $0 60 per share from the Solstice Corp  investment on Jun  1  29 Sold 1,000 shares of Solstice Corp  at $45, including commission  31 Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months  The amortization is determined using the straight line method  Dec  31 Accrued interest for three months on the Dream Inc  bonds purchased on Oct  1  31 Pinkberry Co  recorded total earnings of $240,000  Equinox Products recorded equity earnings for its share of Pinkberry Co  net income  31 The fair value for Solstice Corp  stock was $39 02 per share on December 31, 2016  The investment is adjusted to fair value, using a valuation allowance account  Assume Valuation Allowance for Available for Sale Investments had a beginning balance of zero  Required  1  Journalize the selected transactions  Refer to the Chart of Accounts for exact wording of account titles  CHART OF ACCOUNTS Equinox Products Inc  General Ledger ASSETS 110 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 131 Merchandise Inventory 132 Interest Receivable 133 Prepaid Expenses 141 Investment in Solstice Corp  Stock 142 Investment in Pinkberry Co  Stock 143 Investment in Dream Inc  Bonds 144 Valuation Allowance for Available for Sale Investments 181 Store Buildings and Equipment 182 Accumulated Depreciation Store Buildings and Equipment 183 Office Buildings and Equipment 184 Accumulated Depreciation Office Buildings and Equipment 191 Goodwill LIABILITIES 211 Accounts Payable 221 Income Tax Payable 225 Cash Dividends Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Preferred Stock 312 Paid in Capital in Excess of Par Preferred Stock 321 Common Stock 322 Paid in Capital in Excess of Par Common Stock 331 Retained Earnings 341 Cash Dividends 351 Treasury Stock 352 Paid in Capital from Sale of Treasury Stock 361 Unrealized Gain (Loss) on Available for Sale Investments 1  Journalize the selected transactions  Refer to the Chart of Accounts for exact wording of account titles  Scroll down for journal page 11  Comprehensive Problem (Part B) Note  You must complete Comprehensive Problem (Part A) before completing Comprehensive Problem (Part B)  Required  1  After all of the transactions for the year ended December 31, 2016, had been posted  including the transactions recorded in part (1) and all adjusting entries , the data that follows were taken from the records of Equinox Products Inc  A  Prepare a multiple step income statement for the year ended December 31, 2016, concluding with earnings per share  In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000  Enter all amounts as positive numbers EXCEPT in the Other income and expenses  In that section only, enter amounts that represent other expenses as negative numbers using a minus sign  Round earnings per share to the nearest cent ) B  Prepare a retained earnings statement for the year ended December 31, 2016   C  Prepare a balance sheet in report form as of December 31, 2016      Read the instructions above each financial statement carefully  They may contain specific instructions for completing the statement  Income Statement data  Advertising expense $ 150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense office buildings and equipment 30,000 Depreciation expense store buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investments 4,980 Income from Pinkberry Co  investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 Miscellaneous administrative expense 7,500 INCOME STATEMENT DATA  Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data  Accounts payable $ 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable, 5 , due 2024 500,000 Cash 246,000 Common stock, $20 par (400,000 shares authorized  100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends  Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 500,000 Income tax payable 44,000 RETAINED EARININGS AND BALANCE SHEET DATA  Interest receivable 1,125 Investment in Pinkberry Co  stock (equity method) 1,009,300 Investment in Dream Inc  bonds (long term) 90,000 Merchandise inventory (December 31, 2016), at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid in capital from sale of treasury stock 13,000 Excess of issue price over par   Common 886,800  Preferred 150,000 Preferred 5  stock, $80 par (30,000 shares authorized  20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2016 9,319,725 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of $33 per share) 178,200 Unrealized gain (loss) on available for sale investments (6,500) Valuation allowance for available for sale investments (6,500) CHART OF ACCOUNTS Equinox Products, Inc  General Ledger ASSETS 110 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 131 Merchandise Inventory 132 Interest Receivable 133 Prepaid Expenses 141 Investment in Solstice Corp  Stock 142 Investment in Pinkberry Co  Stock 143 Investment in Dream Inc  Bonds 144 Valuation Allowance for Available for Sale Investments 181 Store Buildings and Equipment 182 Accumulated Depreciation Store Buildings and Equipment 183 Office Buildings and Equipment 184 Accumulated Depreciation Office Buildings and Equipment 191 Goodwill LIABILITIES 211 Accounts Payable 221 Income Tax Payable 225 Cash Dividends Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY 311 Preferred Stock 312 Paid in Capital in Excess of Par Preferred Stock 321 Common Stock 322 Paid in Capital in Excess of Par Common Stock 331 Retained Earnings 341 Cash Dividends 351 Treasury Stock 352 Paid in Capital from Sale of Treasury Stock 361 Unrealized Gain (Loss) on Available for Sale Investments Labels Current assets Current liabilities December 31, 2016 For the Year Ended December 31, 2016 Intangible assets Investments Less dividends Long term liabilities Operating expenses Other income and expenses Paid in capital Add dividends Property, plant, and equipment Amount Descriptions Available for sale investments Decrease in retained earnings Excess of issue price over par Gross profit Income before income tax Income from operations Miscellaneous selling expense Net income Net loss Retained earnings, January 1, 2016 Retained earnings, December 31, 2016 Sales commissions Sales salaries expense Store supplies expense Total administrative expenses Total assets Total (before treasury stock) Total current assets Total current liabilities Total liabilities Total liabilities and stockholders equity Total long term liabilities Total investments Total operating expenses Total paid in capital Total property, plant, and equipment Total selling expenses Total stockholders equity Unamortized premium Unamortized discount 1  A  Prepare a multiple step income statement for the year ended December 31, 2016, concluding with earnings per share  In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000  Enter all amounts as positive numbers EXCEPT in the Other income and expenses  In that section only, enter amounts that represent other expenses as negative numbers using a minus sign  Round earnings per share to the nearest cent ) Refer to the Chart of Accounts for exact wording of account titles  Refer to the Labels and Amount Descriptions for exact wording of text entries  2  B  Prepare a retained earnings statement for the year ended December 31, 2016  Refer to the Chart of Accounts for exact wording of account titles  Refer to the Labels and Amount Descriptions for exact wording of text entries  You will need to enter the word Less or Add as necessary  2  C   Prepare a balance sheet in report form as of December 31, 2016  You are not required to present the details of Preferred and Common Stock (i e , number of shares authorized, issued and outstanding)  Refer to the Chart of Accounts for exact wording of account titles  Refer to the Labels and Amount Descriptions for exact wording of text entries  Less , Deduct, Add and colons will appear automatically  Available for sale investments should be reported as a single asset on the balance sheet, regardless of how many accounts exist in the ledger for such assets  Recall that current assets are to be reported in order of liquidity  Available for sale investments are considered to be more liquid that accounts receivable  Report fixed assets and paid in capital accounts in account number order  Omit the description of bonds and stocks (i e , percentage rates, due date, number of shares, etc ) Enter all amounts as positive numbers, with one exception  If an unrealized loss has occurred, it must be reported as a negative amount on the balance sheet  lm take Assignment takeAssignment Main do invoker assignment a prehensive Problem Comprehensive Problem 4 (Part A) ournal ournal DATE DESCRIPTION POST REF Jan  3 Cash 450,000 00 Common Stock 300,000 00 Paid in Capital in Excess of Par Common Stock 150,000 00 Feb  15 Cash 400000 00 Preferred Stock 320,000 00 Paid in Capital in Excess of Par Preferred Stock 80,000 00 May 1 Cash 520,000 00 Bonds Payable 500,000 00 Premium on Bonds Payable 20,000 00 May 16 Cash Dividends 70,000 00 10 Cash Dividends Payable 70,000 00 May 26 Cash Dividends Payable 70,000 00 70,000 00 13 Cash 300,150 00 Jun  1 Investment in Solstice Corp  Stock heck My Work

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Jan.	3	Issued 15,000 shares of $20 par common stock at $30, receiving cash.
Feb.	15	Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
May	1	Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
	16	Declared a dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize this transaction as a single entry.
	26	Paid the cash dividends declared on May 16.
Jun.	1	Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage commission. The investment is classified as an available-for-sale investment.
	8	Purchased 8,000 shares of treasury common stock at $33 per share.
	22	Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment.
	30	Declared a $1.00 cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock were outstanding.
Jul.	11	Paid the cash dividends declared on Jun. 30to the preferred stockholders.
Aug.	27	Received $27,500 dividend from Pinkberry Co. investment of Jun. 22.

Oct.	1	Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are classified as a held-to-maturity long-term investment.
	7	Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8.
	14	Received a dividend of $0.60 per share from the Solstice Corp. investment on Jun. 1.
	29	Sold 1,000 shares of Solstice Corp. at $45, including commission.
	31	Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method.
Dec.	31	Accrued interest for three months on the Dream Inc. bonds purchased on Oct. 1.
	31	Pinkberry Co. recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income.
	31	The fair value for Solstice Corp. stock was $39.02 per share on December 31, 2016. The investment is adjusted to fair value, using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments had a beginning balance of zero.

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Comprehensive problem Part A. Need my work corrected. EVERYTHING WRONG IS HIGHLIGHTED IN RED. SOME BLANKS ARE LEFT EMPTY NEAR THE END THAT I CANT

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Income Statement data:
Advertising expense	$ 150,000
Cost of merchandise sold	3,700,000
Delivery expense	30,000
Depreciation expense-office buildings and equipment	30,000
Depreciation expense-store buildings and equipment	100,000
Dividend revenue	4,500
Gain on sale of investments	4,980
Income from Pinkberry Co. investment	76,800
Income tax expense	140,500
Interest expense	21,000
Interest revenue	2,720
Miscellaneous administrative expense	7,500

Interest receivable	1,125
Investment in Pinkberry Co. stock (equity method)	1,009,300
Investment in Dream Inc. bonds (long term)	90,000
Merchandise inventory (December 31, 2016),
at lower of cost (FIFO) or market	778,000
Office buildings and equipment	4,320,000
Paid-in capital from sale of treasury stock	13,000
Excess of issue price over par:
-Common	886,800
-Preferred	150,000
Preferred 5% stock, $80 par
(30,000 shares authorized; 20,000 shares issued)	1,600,000
Premium on bonds payable	19,000
Prepaid expenses	27,400
Retained earnings, January 1, 2016	9,319,725
Store buildings and equipment	12,560,000
Treasury stock
(5,400 shares of common stock at cost of $33 per share)	178,200
Unrealized gain (loss) on available-for-sale investments	(6,500)
Valuation allowance for available-for-sale investments	(6,500)