Section 3-Chapters 7,8,9,10, 11 and 12 (8 parts Part 1- General Journal (LO7-1- L011-5)- Post the following journal entries to the general journal Trans. Date Description Purchase equipment for $15,000. This equipment has a 10 yr. useful life Purchase a patent for $20,000 with a 15 yr. useful life Sell the equipment purchased on Feb. 1 for $11,000 To obtain additional funding issue a $50,000 face value bond at a stated interest rate of 9%, due in 10 years. The market interest rate is 10%. Interest is paid semi-annually. (Round to whole dollars for entry) Issue 1,000 shares of $1 par value common stock at $20/share to obtain additional fundin 4 Pay the $300 utility bill received Mar. 31st A customer you provided 10 hours of services to on Feb. 17th informs you that they are unable to pay the balance due. You write-off the account (Use the allowance method) Issue 1,500 shares of $2 par value preferred stock at $30/share Apr. 18 Repurchase 500 shares of treasury stock (common shares) at $25/share 10Apr. 27Reissue 300 shares of treasury stock at $30/share 11Apr. 30Declare a $5,000 cash dividend to be paid May 15th. 12Apr. 30Pay employee salaries of $1,200 Section 3-Chapters 7,8,9,10, 11 and 12 (8 parts Part 1- General Journal (LO7-1- L011-5)- Post the following journal entries to the general journal Trans. Date Description Purchase equipment for $15,000. This equipment has a 10 yr. useful life Purchase a patent for $20,000 with a 15 yr. useful life Sell the equipment purchased on Feb. 1 for $11,000 To obtain additional funding issue a $50,000 face value bond at a stated interest rate of 9%, due in 10 years. The market interest rate is 10%. Interest is paid semi-annually. (Round to whole dollars for entry) Issue 1,000 shares of $1 par value common stock at $20/share to obtain additional fundin 4 Pay the $300 utility bill received Mar. 31st A customer you provided 10 hours of services to on Feb. 17th informs you that they are unable to pay the balance due. You write-off the account (Use the allowance method) Issue 1,500 shares of $2 par value preferred stock at $30/share Apr. 18 Repurchase 500 shares of treasury stock (common shares) at $25/share 10Apr. 27Reissue 300 shares of treasury stock at $30/share 11Apr. 30Declare a $5,000 cash dividend to be paid May 15th. 12Apr. 30Pay employee salaries of $1,200