I need some walk through instructions please...

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows:

Record on journal page 10:

Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash.

Feb.1 5 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 quarterly 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 two separate entries.

26 Paid the cash dividends declared on May 16.Jun.1Purchased 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 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.

Jul. 11 Paid the cash dividends declared on

Jun. 30 to 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.31Recorded 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, Year 1. The investment is adjusted to fair value, using a valuation allowance account. Assume that 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.

Note: You must complete Comprehensive Problem 4 (Part A) before completing Comprehensive Problem 4 (Part B).

Required: 2.After all of the transactions for the year ended December 31, Year 1, 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, Year 1, 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, Year 1.

C. Prepare a balance sheet in report form as of December 31, Year 1.**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

Depreciationexpense-officebuildingsandequipment 30,000

Depreciationexpense-storebuildingsandequipment 100,000

Dividend revenue 4,500

Gain on sale of investment 4,980

IncomeofPinkberry Co.investment 76,800

Income tax expense 140,500

Interest expense 21,000

Interest revenue 2,720

Miscellaneous administrative expense 7,500

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) 260,130Bonds payable, 5%, due 20Y2 500,000Cash 246,000 Common stock, $20 par(400,000sharesauthorized;100,000sharesissued,94,600outstanding)2,000,000 Dividends:Cash dividends for common stock155,120Cash dividends for preferred stock 100,000

Goodwill 500,000

Income tax payable 44,000

Interest receivable 1,125

InvestmentinPinkberryCo.stock(equitymethod) 1,009,300

Investments-Dream Inc. bonds (long term) 90,000Merchandise inventory (December 31, Year 1),at lower of cost (FIFO) or market 778,000

Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000Excess of issue price over par:-Common stock886,800-Preferred stock150,000Preferred 5% stock, $80 par(30,000 shares authorized; 20,000 shares issued)1,600,000Premium on bonds payable19,000Prepaid expenses27,400Retained earnings, January 1, Year 19,319,725Store buildings and equipment12,560,000Treasury stock(5,400sharesofcommonstockatcostof$33pershare)178,200Unrealizedgain(loss)onavailable-for-saleinvestments(6,500)Valuation allowance for available-for-sale investments(6,500)