O. Masco Company's total earnings are $30000. We own 40%. Record the earnings for our company using the equity method. (3 points) P. Sold the bonds purchased in (H) at 103 plus $63 in accrued interest. (8 points) At At the end of the accounting period, the remaining shares of Jones Company stock increased $2.00 per share (3 Points) R. Record the payment of semiannual interest on the bonds issued in (B) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Round all calculations to the nearest dollar. Part 2 Instructions: (6 points) Page 2 The balances listed below are for December 31 and already include the journal entries you just prepared except for the stockholders' equity accounts. The balances listed for the stockholders' equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity. Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Debit Credit Cash 180,000 Accounts receivable 119,000 Allowance for doubtful accounts 6,000 Equity Investments at cost 30,000 Valuation allowance for Equity Investments 3,000 Merchandise inventory at lower of cost (FIFO) or market 12,000 Prepaid expenses 1,800 Interest receivable 1,200 Investment in Masco Company stock 9,000 Store buildings and equipment 183,000 Accumulated depreciation-store buildings and equipment 90,000 Accounts payable 50,940 Income tax payable 2,000 Bonds payable, 10%, due in 10 years 60,000 Premium on bonds payable 3,000 Retained earnings, January 1, 20X1 136,830 Cash dividends, January 1, 20X1 balance 0 Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized; 6600 shares outstanding), January 1, 20X1 66,000 Paid-in capital in excess of par-common stock, January 1, 20X1 6,600 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 0 Sales 420,000 Gain from sale of investment 600 Unrealized gain(loss) on Equity Investments 5,760 Dividend revenue 480 Interest revenue 1,620 Income of Masco Company 12,000 Cost of goods sold 240,000 Advertising expense $6,000 Depreciation expense-store buildings and equipment 4,200 Miscellaneous selling expenses 3,000 Sales commissions 12,000 30,000 Office rent expense 36,000 Office salaries expense 600 Miscellaneous administrative expenses 3,000 Interest expense 24,000 Income tax expense