Instructions Note: You must complete Comprehensive Problem 4 (Part A) before completing Comprehensive Problem 4 (Part 8). Required: 2. After all of the transactions for the year ended December 31, 2045, 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, 2045, 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. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. "Less" or "Add will automatically appear it it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20Y5. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. I a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign. c. Prepare a balance sheet in report form as of December 31, 2015. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Less" or "Add will automatically appear if it is required. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Recall that current assets are to be reported in order of liquidity. Available for sale investments are considered to be more liquid than accounts receivable Report fixed assets and paid-in capital accounts in account number order. Omit the description of bonds and stocks (e. percentage rates, due date, number of shares, etc.). Inenme Catamant data. Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exit Income Statement data: Advertising expense $150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 Depreciation expense-office buildings and equipment 30,000 Depreciation expense-store buildings and equipment 100,000 Gain on sale of investments 4.980 Income from Pinkberry Co. investment 76,800 Income tax expense 142,000 21,000 Interest expense 8,720 Interest revenue 7,500 Miscellaneous administrative expense 14,000 Miscellaneous selling expense 50,000 Office rent expense 170,000 Office salaries expense 10,000 Office supplies expense 5,254,000 Sales 185,000 Sales commissions expense 385,000 Sales salaries expense 21,000 Store supplies expense Check My Work 3 more Check My Work uses remaining. Save Email Instructor Metained earnings and balance sheet data: Accounts payable $194,300 Accounts receivable 545,000 Accumulated depreciation-office buildings and equipment 1,580,000 Accumulated depreciation-store buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available for sale investments (at cost) 260,130 Bonds payable, 5%, due in 10 years 500,000 246,000 Cash Common stock, $20 par 2,000,000 (400,000 shares authorized: 100,000 shares issued, 94,600 outstanding) Dividends: 155,120 Cash dividends for common stock 100,000 Cash dividends for preferred stock 500,000 Goodwill 44,000 Income tax payable 1,125 Interest receivable 1,009,300 Investment in Pinkberry Co. stock (equity method) 90,000 Investment in Dream Inc. bonds (long term) Merchandise inventory (December 31, 20Y5). 778,000 at lower of cost (FIFO) or market ummaining mm Instructions wwwwwwwwww Interest receivable 1,125 Investment in Pinkberry Co. stock (equity method) 1,009,300 Investment in Dream Inc. bonds (long term) 90,000 Merchandise inventory (December 31, 2045). at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over par-common stock 886,800 Excess of issue price over par--preferred stock 150,000 Preferred $1 stock. $80 par 1,800,000 (30,000 shares authorized: 20,000 shares issued) 19,000 Premium on bonds payable 27,400 Prepaid expenses 9,319,725 Retained earnings, January 1, 2045 12,560,000 Store buildings and equipment Treasury stock 178,200 (5,400 shares of common stock at cost of 833 per share) (6,500) (6,500) Unrealized gain (loss) on available-for-sale investments Valuation allowance for available for sale investments Check My Work 3 more Check My Work uses remaining. Labels Current assets Current liabilities December 31, 2045 Dividends For the Year Ended December 31, 2045 Intangible assets Investments Long-term liabilities Operating expenses Other revenue and expenses Paid-in capital Property, plant, and equipment Amount Descriptions Available-for-sale investments Bonds payable Common stock Decrease in retained earnings From sale of treasury stock Labels and Amount Descriptions From sale of treasury stock Gross profit Investment in Pinkberry Co. stock Investment in Dream Inc. bonds Income before income tax Income from operations Increase in retained earnings Merchandise inventory, at lower of cost (FIFO) or market Net income Net loss Preferred stock Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Retained earnings, January 1, 2045 Retained earnings, December 31, 2045 Treasury common stock Total administrative expenses Total Total assets Print them COMPPRO.04.01.PART.1.B... COMPPRO.04.01.PART 2.B... Labels and Amount Descriptions Paid-n capital in excess of par.common stock Retained earnings Retained earnings, January 1, 2045 Retained earning, December 31, 2045 Treasury common stock Total administrative expenses Total Totalaust Total current assets Total current liabilitas Total liabilities Total abilities and stockholders' equity Total long-term abilities Total investments Total operating expenses Total paid-in capital Total property, plant, and equipment Total seling expenses Total stockholders' equity Check My Work 3 more Check My Work uses remaining. Progress: 2/2 items marco All work saved Assignment Score: 0.0% Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Income Statement Equinox Products Inc Income Statement (Label) 1 2 3 4 Label 5 Selling expenses: 7 8 9 10 11 12 15 Administrative expenses 14 Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Income Statement 14 15 16 11 18 19 20 21 (Label) 22 25 24 35 26 27 21 * Earnings per common share 50 Net Income Check My Work 3 more Check My Work uses remaining Save and Ext Email Instructor All work saved using a minus sign Equinox Products Inc Retained Earnings Statement (Label) 1 1 2 3 (Label) 4 5 6 6 7 Balance Sheet Equinox Products Inc Balance Sheet (Label) 1 Assets 2 (Label) 4 5 6 7 9 10 1 12 (Label) I 14 15 (Label) Check My Work 3 more Check My Work uses remaining, Email Instructor Save and E Balance Sheet 13 Label) 16 13 - 19 22