Frye Company issued $700,000, 10%, 10-year bonds on January 1, 2017, at 105. Interest is payable annually. Frye uses the effective-interest method of amortization and has a calendar year end and the bonds were issued for an effective interest rate of 8%. Instructions Prepare all journal entries made in 2017 related to the bond issue. Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2016, the company has the following stock transactions. Jan. 15 Issued 700,000 shares of stock at $7 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2017. Instructions Journalize the transactions for Patrick Corporation. The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. During its first three years of operation, Torres issued 2, 080,000 shares at $15 per share. It later acquired 80,000 of these shares as treasury stock for $25 per share. Instructions Based on the above information, answer the following questions: (a) How many shares were authorized? (b) How many shares were issued? (c) How many shares are outstanding? (d) What is the balance of the Common Stock account? (e) What is the balance of the Treasury Stock account