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supporting calculation OBJ. 3. 3.4 The provided Comprehensive Problem 4 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2014, were as follows a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. 31, 2014 b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. 156,000 c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 108,000 d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per 91,200 share on preferred stock. On the date of record, 100,000 shares of common stock 8.776 were outstanding, no treasury shares were held, and 20,000 shares of preferred stock 99,976 were outstanding 69,200 e. Paid the cash dividends declared in (d). 05.000 f. Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage com- 38,176 mission. The investment is classified as an available-for-sale investment. 72:000 g. Purchased 8,000 shares of treasury common stock at $33 per share. 80,000 50 000 h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per 27.400 share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. 8.776 treated the investment as an equity method investment. 38,176 i. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. ost and j. Paid the cash dividends to the preferred stockholders. k. Received $27,500 dividend from Pinkberry Co, investment in (h). I. 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 held8.776 were it .lancom $ 99.976 were theninth stock and 91 90 per record. 100,000 shares of common dock do treasury shares were held, and 20,000 shares of preferred god 000 $ 69 200 Paid e codd illya ads declared in (d). 1,000 105 000 $538,176 r. Purchas. it Gores of Solstice Corp. at $40 per share, plus a $150 brokerage com 0.000 mission. I lije ment is classified as an available-for-sale investment. $ 72.000 ,000 80,000 g. Purchased . of ares of treasury common stock at $33 per share. ch 250,000 h. Purchased do. shares of Pinkberry Co, stock directly from the founders for $24 per 127.400 share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products inc treated the investment as an equity method investment 8,776 $538,176 1. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. tments at cost and i. Paid the cash dividends to the preferred stockholders. k. Received $27,500 dividend from Pinkberry Co. investment in (h). Total Fair Value 1. Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company $39,936 at their face amount plus accrued interest of $375. The bonds are classified as a held- to-maturity long-term investment. 60.040 $99,976 m. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (g) n. Received a dividend of $0.60 per share from the Solstice Corp. investment in ((). ment representing o. Sold 1,000 shares of Solstice Corp. at $45, including commission. p. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. q. Accrued interest for three months on the Dream Inc. bonds purchased in (D). r. Pinkberry Co. recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income.710 Chapter is Investments and Fair Value Accounting . The fair value for Solstice Corp . stock was $39. 02 per share on December 31/ 201 .1 . The investment Is adjusted to fair value , using a valuation allowance account Assume Valuation Allowance for Available- for- Sale Investments had a beginning bal ance of zero . Instructions 1 . Journalize the selected transactions . 2. After all of the transactions for the year ended December 31 , 2014, had been posted (including the transactions recorded in part ( 1 ) and all adjusting entries ) , the data below and on the following page were taken from the records of Equinox Products Inc 2. Prepare a multiple-step income statement for the year ended December 31, 2014, concluding with earnings per share . In computing earnings per share , assume that the average number of common shares outstanding was 100,0.00 and preferred dividends were $100, 000. ( Round earnings per share to the nearest cent. ) b. Prepare a retained earnings statement for the year ended December 31 , 2014 C. Prepare a balance sheet in report form as of December 31 , 2014 . Income statement data :" Advertising expense Cost of merchandise sold $ 150, 00 0 Delivery expense 3. 700, 000 Depreciation expense - office buildings and equipment* 30, 00.0 Depreciation expense - store buildings and 30, 000b. Prepare a relame c. Prepare a balance sheet in report form as of December 31, 2014. Income statement data: Advertising expense $ 150,000 Cost of merchandise sold 3,700,000 Case Delivery expense 30,000 Depreciation expense-office buildings and equipment 30,000 Depreciation expense-store buildings and equipment Dividend revenue 100,000 Gain on sale of investment 4,500 income from Pinkberry Co. investment 4,980 Income tax expense 76,800 Interest expense 140,500 Interest revenue 21,000 Miscellaneous administrative expense 2,720 Miscellaneous selling expense 7,500 Office rent expense 14,000 Office salaries expense 50,000 Office supplies expense Sales 170,000 Sales commissions 10,000 Sales salaries expense 5,254,000 Store supplies expense 185,000 385,000 21,000 Retained earnings and balance sheet data: Accounts payable Accounts receOnce supply Sales 38.5, 00.0 Sales commissions Sales salaries expense 21, 000 Store supplies expense* Retained earnings and balance sheet data ! 5 194, 300 Accounts payable 545, 0.00 Accounts receivable* Accumulated depreciation - office buildings and equipment 1, 5 8.0, 0.0.0 Accumulated depreciation - store buildings and equipment 4 , 126, 0.00 Allowance for doubtful accounts 8, 450 Available- for - sale investments ( at cost ! 260, 130 Bond's payable 546, due 2022 5.00, 00.0 Cash 246,000 Common Stock $20 par ( 400, 000 shares authorized ; 10 0,000 shares issued. 94, 60.0 outstanding ) 2,00 0,000 Dividends Cash dividends for common stock Cash dividends for preferred stock 155, 120 Goodwill Stock dividends for common stock 100, 000 66, 240 Income tax payable 50.0, 000 Interest receivable 44, 000 Investment in Pinkberry Co. stock ( equity method ) 1 , 125 Investment in Dream Inc bonds ( long term ) 1, 0.09, 300 90, 0.00Chapter is Investments and Fair Value Accounting 711 Merchandise Inventory ( December 31 , 2014) , at lower of cost ( FIFO ) or market S 178.000 Office buildings and equipment 4. 320, 00 0 Paid - in capital from sale of treasury stock 13,0,00 Excess of Issue price over par - common stock BEG, 800 Excess of issue price over par - preferred stock 150, 000 Preferred 596 stock , $80 par (30, 000 shares authorized ; 20, 000 shares issued ) 1, 50,0, 00 0 Premium on bonds payable* 15, 000 Prepaid expenses 27.400 Retained earnings , January 1 , 2014 9.319. 725) Store buildings and equipment 12.560. 000 Treasury stock 15, 400 shares of common stock at cost of 533 per share ) 178, 200 Unrealized gain ( loss ) on available- for- sale Investments (6.500 ) Valuation allowance for available - for-sale Investments 16. 500 )