Please fill out the journal & income statement form, the statement of stockholders' equity, and the balance sheet form.

Financial Accounting - Project 2 Name 150 points 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 6000 shares of $10 par common stock at $11, receiving cash. (6 points) B. Issued $120000 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 (6 points) calculations to the nearest dollar. C. Declared a dividend of $0.25 per share on common stock. On date of declaration, 19200 shares of common stock were outstanding. (3 points) D. Paid cash dividend from (c) above. (2 points) E. Purchased 7200 shares of Jones Company for $10 per share, plus $3600 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the market price was $25 per share. There were 19200 Shares outstanding. (6 points) G. Distributed the stock dividends declared in (F). (2 points) H. Purchased $5000 of 5% bonds at par. (3 points) Interest is payable semiannually. (3 points) 1. Purchased 360 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 $720 from Jones Company. L. Received a $1200 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, 180 shares of treasury common stock purchased in (I). N. Sold 1440 shares of Jones company stock purchased in (E) for $13 per share, including commission. O. Masco Company's total earnings are $60000. We own 40%. Record the earnings for our company using the equity method. P. Sold the bonds purchased in (H) at 103 plus $63 in accrued interest. Q. At the end of the accounting period, the remaining shares of Jones Company stock increased $2.00 per share Part 2 instructions: 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' Equily. Prepare a multistep income statement, a statement of stockholders' equity, and a classifled balance sheet in good form for the year ended December 31, 201. Use the Student Input Form (Excel File) to complete the Financial Statements \begin{tabular}{|c|c|c|} \hline & Deblt & Credil \\ \hline Cash & 360,000 & \\ \hline Accounts recelvable & 239,000 & \\ \hline Allowance for doubtful accounts & & 12,000 \\ \hline Equity Investments at cost & 60,000 & \\ \hline Valuation allowance for Equity Investments & & 6,000 \\ \hline Merchandise inventory at lower of cost (FIFO) or market & 24,000 & \\ \hline Prepaid expenses & 3,600 & \\ \hline Interest receivable & 2,400 & \\ \hline Investment in Masco Company stock & 18,000 & \\ \hline Store buildings and equipment & 366,000 & \\ \hline Accumulated depreciation-store buildings and equipment & & 180,000 \\ \hline Accounts payable & & 104,880 \\ \hline Income tax payable & & 2,000 \\ \hline Bonds payable, 10%, due in 10 years & & 120,000 \\ \hline Premium on bonds payable & & 6,000 \\ \hline Retained earnings, January 1,201 & & 273,660 \\ \hline Cash dividends, January 1, 201 balance & 0 & \\ \hline Stock Dividends, January 1,201 balance & 0 & \\ \hline \begin{tabular}{l} Common stock, $10 par ( 100,000 shares authorized; 13200 shares \\ outstanding), January 1,201 \end{tabular} & & 132,000 \\ \hline Paid-in capital in excess of par-common stock, January 1, 20X1 & & 13,200 \\ \hline Paid-in capital from sale of treasury stock, January 1,201 & & 0 \\ \hline Treasury stock, January 1,201 & 0 & \\ \hline Sales & & 840,000 \\ \hline Gain from sale of investment & & 1,200 \\ \hline Unrealized gain(loss) on Equity Investments & & 11,520 \\ \hline \begin{tabular}{|l|l|} Dividend revenue \\ \end{tabular} & & 960 \\ \hline Interest revenue & & 3,240 \\ \hline Income of Masco Company & & 24,000 \\ \hline Cost of goods sold & 480,000 & \\ \hline Advertising expense & $12,000 & \\ \hline Depreciation expense - store buildings and equipment & 8,400 & \\ \hline Miscellaneous selling expenses & 6,000 & \\ \hline Sales commissions & 24,000 & \\ \hline Office rent expense & 60,000 & \\ \hline Office salaries expense & 72,000 & \\ \hline Miscellaneous administrative expenses & 1,200 & \\ \hline \begin{tabular}{l} Interest expense \\ \end{tabular} & 6,000 & \\ \hline \begin{tabular}{l} Income tax expense \\ \end{tabular} & 48,000 & \\ \hline \end{tabular} Journal Entries 2 - 8 points each (75 points) ABC Corporation, Inc. 2 Statement of Stockholders' Equity 3 For the Year Ended December 31, 20X1 (12 points) Page 7 ABC Corporation, Inc. Balance Sheet December 31, 20X1 (36 points) Assets Liabilities \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Stockholders' Equity