Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. For a compound transaction, 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 Cash 450,000 Common Stock 300,000 150,000 Pald-In Capital in Excess of Par-Common Stock b. Issued 4,000 shares of 80 par preferred 5% stock at $100, receiving cash Description Debit Credit Cash 400,000 Preferred Stock 320,000 Paid In Capital in Excess of Par-Preferred stock 30,000 c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually, Description Debit Credit Cash 520,000 Bonds Payable 500,000 Premium on Bonds Payable 20,000 d. Declared a quarterly dividend of s0.50 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 Description Debit Credit Cash Dividends 50,000 Cash Dividends Payable 50,000 Common stock Cash Dividends 20,000 Cash Dividends Payable 20,000 Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit Cash Dividends Payable 20,000 Cash Dividends 20,000 1. Purchased 7,500 shares of Solstice Corp, at $40 per share plus a $150 brokerage commission. The investment is classified as an available for sale investment Description Debit Credit Treasury Stock 264,000 Cash 264,000 g. Purchased 8,000 shares of treasury common stock at $3 per share Description Debit Credit Cash 20,000 20,000 Cash h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc, treated the investment as an equity method investment Description Debit Credit Cash 20,000 Cash Dividends Payable 20,000 i. 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 Common Stock 988,000 Treasury Stock 13,000 1. Paid the cash dividends to the preferred stockholders Description Debit Credit Cash 115,000 Cash Dividends Payable 12,500 Dinheren Investment in k. Received $27,500 dividend from Pinkberry Co. Investment in (h), Description Debit Credit 1. Purchased $90,000 of Dream Inc. 10-year 5% bonds, directly from the issuing company, at their face amount plus accrued Interest of $375. The bonds are classified as a held to maturity long-term investment Description Debit Credit m. Sold, at $38 per share, 2.600 shares of treasury common stock purchased in (9) Description Debit Credit n. Received a dividend of $0.60 per share from the Solstice Corp. Investment in (1) Description Debit Credit o. Sold 1,000 shares of Solstice Corp. at 54S, including commission Description Debit Credit P. Recorded the payment of semiannual interest on the bonds issued in () and the amortization of the premium for six months The amortization is determined using the straight line method Description Debit Credit 4. Accrued interest for three months on the Dream Inc. bond purchased in (). Description Debit Credit . Pinkberry Co, recorded total earnings of $240,000. Equinox Products recorded equity earnings for its share of Pinkberry Co.net Income. Description Debit Credit 5. The fair value for Solstice Corp. stock was $39.02 per share on December 31, Year 1. The investment is adjusted to fair value using a valuation allowance account. Assume that Valuation Allowance for Available for Sale Investments had a beginning balance of zero Debit Credit Description