Financial Accounting - Project 2 Name_ 150 points Part 1 Instructions: Page 1 1800 (For Instructor: Even 100's between 100 and 4000) Record the following journal entries for ABC Corporation on the journal in the provided Student Input Form (Excel file). Use the letter for each as the date. Requirements and Basic Instructions: 1. Each student should complete the project on an individual basis. Tutors and others are not allowed to help students on the project. If a project is not completed on an independent, individual basis, the student will receive zero points for the project. 2. Instructors can only answer questions on the project in general. 3. Students should complete the project and turn it in to the dropbox by the due date. The instructor reserves the right to not accept late projects or deduct points on projects turned in past the due date. 4. There are different versions of the project that will be assigned (course mailed) by the instructor. 5. By submitting in the Canvas dropbox you are "signing" that you have followed the instructions above. Journal Entries A. Issued 9000 shares of $10 par common stock at $11, receiving cash. (6 points) B. Issued $ 180000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. (5 points) Use the Present Value Tables in Appendix A of text book. Round all calculations to the nearest dollar. C. Declared a dividend of $0.25 per share on common stock. On date of declaration, 28800 shares of common stock were outstanding. (3 points) D. Paid cash dividend from (c) above. (2 points) E. Purchased 10800 shares of Jones Company for $10 per share, plus $5400 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the market price was $25 per share. There were 28800 Shares outstanding. (6 points) G. Distributed the stock dividends declared in (F). (2 points) H. Purchased $5000 of 5% bonds at par. (3 points) Interest is payable semiannually. 1. Purchased 540 shares of treasury common stock for $12 per share. (3 points) J. Received semiannual interest from bonds purchased in (H). (3 points) K. Received a total cash dividend of $1080 from Jones Company. (3 points) L. Received a $1800 dividend from our investment in Masco Company stock. This investment is accounted for under the equity method. (3 points) M. Sold, at $17 per share, 270 shares of treasury common stock purchased in (1). (6 points) N. Sold 2160 shares of Jones company stock purchased in (E) for $13 per share, including commission. (6 points)