Part 1 Instructions: Record the following journal entries for ABC Corporation on the journal in the provided Student Input Form (Excel file). Use the letter for each as the date. Requirements and Basic Instructions: 1. Each student should complete the project on an individual basis. Tutors and others are not allowed to help students on the project. If a project is not completed on an independent, individual basis, the student will receive zero points for the project. 2. Instructors can only answer questions on the project in general. 3. Students should complete the project and turn it in to the dropbox by the due date. The instructor reserves the right to not accept late projects or deduct points on projects turned in past the due date. 4. There are different versions of the project that will be assigned (course mailed) by the instructor. 5. By submitting in the Canvas dropbox you are "signing" that you have followed the instructions above. Journal Entries A. Issued 7500 shares of $10 par common stock at $11, receiving cash. (6 points) B. Issued $ 150000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. Use the Present Value Tables in Appendix A of text book. Round all calculations to the nearest dollar. (6 points) C. Declared a dividend of $0.25 per share on common stock. On date of declaration, 24000 shares of common stock were outstanding. (3 points) D. Paid cash dividend from (c) above. (2 points) E. Purchased 9000 shares of Jones Company for $10 per share, plus $4500 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. (3 points) (6 points) F. Declared a 5% stock dividend on the $10 par common stock when the market price was $ 25 per share. There were 24000 Shares outstanding. G. Distributed the stock dividends declared in (F). (2 points) (3 points) H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. 1. Purchased 450 shares of treasury common stock for $12 per share. (3 points) J. Received semiannual interest from bonds purchased in (H). (3 points) K. Received a total cash dividend of $900 from Jones Company. (3 points) L. Received a $1500 dividend from our investment in Masco Company stock. This investment is accounted for under the equity method. (3 points) M. Sold, at $17 per share, 225 shares of treasury common stock purchased in (1). (6 points) N. Sold 1800 shares of Jones company stock purchased in (E) for $13 per share, including commission. (6 points) O. Masco Company's total earnings are $75000. 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) Q. 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. (6 points)