I Need 1 D. and 2

At the end of 2017, Jeffco Inc. had the following equity accounts and balances: Common shares, no par (175,000 shares issued and $1,926,400 outstanding) Retained earnings 310,000 During 2018, Jeffco engaged in the following transactions involving its equity accounts: a. Issued 8,000 common shares for $35 per share. b. Issued 1,000 shares of 9%, s 120 stated value preferred shares at $125 per share. c. Declared and paid cash dividends of $15,000 d. Repurchased and cancelled 500 common shares for $52 per share. Required: 1. Prepare the journal entries for a through d. For a compound transaction, for those boxes in which no entry is required, leave the box blank a. 2018 Cash 2B0,000 Common Shares Record issue of common shares) Cash 2B0,000 b. 125,000 Preferred Shares 120,000 ,000 Record issue of preferred shares) Retained Earnings (or Dividends) 15,000 Cash Record declaration and payment of dividends) Retained Earnings Common Shares 15,000 d. Cash 26,000 Record repurchase of common shares) 2. Assume that 2018 net income was $89,600. Prepare a partial statement of financial position showing only the shareholders' equity section at December 31, 2018. Jeffco, Inc Statement of Financial Position (Partial) December 31, 2018 Shareholders' equity Preferred shares, 9%, $120 stated value Common shares, no par Contributed surplus: 120,000 Preferred shares 5,000 Total capital stock Total shareholders' equity 2,690,000 At the end of 2017, Jeffco Inc. had the following equity accounts and balances: Common shares, no par (175,000 shares issued and $1,926,400 outstanding) Retained earnings 310,000 During 2018, Jeffco engaged in the following transactions involving its equity accounts: a. Issued 8,000 common shares for $35 per share. b. Issued 1,000 shares of 9%, s 120 stated value preferred shares at $125 per share. c. Declared and paid cash dividends of $15,000 d. Repurchased and cancelled 500 common shares for $52 per share. Required: 1. Prepare the journal entries for a through d. For a compound transaction, for those boxes in which no entry is required, leave the box blank a. 2018 Cash 2B0,000 Common Shares Record issue of common shares) Cash 2B0,000 b. 125,000 Preferred Shares 120,000 ,000 Record issue of preferred shares) Retained Earnings (or Dividends) 15,000 Cash Record declaration and payment of dividends) Retained Earnings Common Shares 15,000 d. Cash 26,000 Record repurchase of common shares) 2. Assume that 2018 net income was $89,600. Prepare a partial statement of financial position showing only the shareholders' equity section at December 31, 2018. Jeffco, Inc Statement of Financial Position (Partial) December 31, 2018 Shareholders' equity Preferred shares, 9%, $120 stated value Common shares, no par Contributed surplus: 120,000 Preferred shares 5,000 Total capital stock Total shareholders' equity 2,690,000