I need to know the answer of this financial statement assignment.

Financial Statement Homework #3 Name___________________ YOU MUST SUBMIT ALL HANDWRITTEN PAGES OF THIS DOCUMENT Part 1: Insert the Unadjusted Trial Balance (first trial balance) HERE YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 1 Instructions: Your submission must include work performed on this page - then enter journal entries into General Journal on next page. This WILL NOT BE ACCEPTED ON PLAIN PAPER. Write the journal entries (on the following General Journal page) required for each of the events described below. Write the entries in the order described below (#1 - #8). Use ONLY the accounts listed on the trial balance for your journal entries. Post the transactions to individual T-accounts and prepare an adjusted trial balance for the company as of December 31, 2017. 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300,000 at 8% interest. (Record the purchase of the building.) 2. The company issued 1,000 shares of Common Stock for $6,000 on December 25, 2017. 3. On December 29, 2017 the company declared a cash dividend of $3.00 per share for common stock on the shares issued and declared (including the additional 1,000 shares issued on December 25th). 4. The terms of the LT mortgage payable from #1 above require the company to make monthly installment payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loan and a reduction of loan principal. Record the first monthly payment of $3,800 on the LT Mortgage Payable on December 31, 2017. 5. The company last paid interest on the ST note payable on November 1, 2017. Record the accrued interest expense for the last 2 months of 2017. The annual interest rate is 8%. Round to nearest whole dollar. 6. The Bonds Payable and related Premium amounts on the Nov. trial balance relate to the Jan. 1, 2017 issuance of the following bonds: On Jan. 1, 2017, the company issued 10%, 10-year bonds when the market rate for similar investments was 8%. The company pays interest each year on January 1st. On Dec. 31, 2017, use the effective interest method of amortizing the premium on bonds payable to accrue the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar. 7. The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company had collected in cash but had not yet been earned. The company completed some of these sales during December and now owes only $10,000 of that unearned revenue. Record the necessary adjustment for December 31, 2017. 8. On December 31, 2017, the company purchased 50 shares of its own Preferred Stock for Treasury Stock for $11 per share. YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 2 General Journal - REQUIRED (Enter Your Journal Entries On This Page) DATE ACCOUNT NAME DEBIT CREDIT YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 3 Use the space below for T-accounts (REQUIRED). (Specific instructions: Prepare T-accounts for each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 3 onto the corresponding T-accounts and then calculate adjusted balances.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 4 ADJUSTED TRIAL BALANCE 12/31/17 Dr Cr YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 5 Supplemental Questions - REQUIRED 1. What will be the balance in the Mortgage Payable Account at Jan. 31, 2017 after the second monthly payment is made? 2. The Company is about to issue $2,000,000 of 5-year, 12% bonds. Interest will be paid semi-annually. The market interest rate for such securities is 10%. How much can The Company expect to receive from the sale (issuance) of these bonds? (ROUND YOUR ANSWER ON D2L TO A WHOLE NUMBER!!) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 6 Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance from your D2L quiz, complete the Multi-Step Income Statement and prepare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include all critical subtotals. Part 2: Insert Adjusted Trial Balance (second trial balance) HERE. YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 7 Multi Step Income Statement For the year ended December 31, 2017 (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 8 Statement of Retained Earnings For the year ended December 31, 2017 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 9 Classified Balance Sheet December 31, 2017 (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 10