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Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2018, were as follows: 1. Journalize the selected transactions If no entry is required, select "No entry required from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15.000 shares of $20 par common stock at $30. receiving cash. Description Debit Credit b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Credit G. Issued $500,000 of 10-year 5% bonds at 104, with interest payable semiannually. Description Debit Credit d. 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 the common stock and the preferred stock entries separately. Description Debit Credit Common stock Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit f. Purchased 8,000 shares of treasury common stock at $33 per share. Description Debit Credit 9. 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. Description Debit Credit h. Paid the cash dividends to the preferred stockholders. Description Debit Credit i. Sold, at $38 per share, 2.600 shares of treasury common stock purchased in (1) Description Debit Credit 1. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization the premium for six months. The amortization is determined using the straight-line method. Description Debit Credit Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 2018, had been posted (including the transactions recorded in part (1) and all adjusting entries), the data below were taken from the records of Equinox Products Inc. Unless otherwise stated, assume a December 31 balance after adjusting entries. Income statement data: Advertising expense Cost of goods sold Delivery expense Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales Sales commissions Sales salaries expense Store supplies expense $150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 7,500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10 years Cash Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), January 1, 2048 Dividends: Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable Interest receivable $194,300 545,000 1,580,000 4,126,000 8,450 500,000 282,850 1,700,000 155,120 100,000 700,000 44,000 1,200 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock, January 1, 2018 Paid-in capital in excess of par-common stock, January 1, 2048 736,800 Pald-in capital in excess of par-preferred stock, January 1, 20Y8 70,000 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 2018 1,280,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 2048 8,197,220 Store buildings and equipment 12,560,000 Treasury stock, January 1, 2018 a. Prepare a multiple-step income statement for the year ended December 31, 2018. Equinox Products Inc. Income Statement For the Year Ended December 31, 2018 Sales 0 Operating expenses: Selling expenses: Administrative expenses: Total operating expenses Operating income Other revenue and expense: Income before income tax b. Prepare a statement of stockholders' equity for the year ended December 31, 2018. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter"0" Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2048 Paid-In Pald-In Capital Capital Paid-In in Excess in Excess Capital of Par- of Par- from Sale of Preferred Preferred Common Common Treasury Retained Treasury Stock Stock Stock Stock Stock Earnings Total $ c. Prepare a balance sheet in report form as of December 31, 20Y8. Equinox Products Inc. Balance Sheet December 31, 20Y8 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Paid-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity