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