Sunny's Emporium's articles of incorporation authorize $250,000$ shares of no par value stock.

So far, Sunny Fields has sold $100,000$ shares of stock to family and friends for $$1$ per share.

Sunny's Emporium had the following transactions in June, $2024,$ the final month in their fiscal year:

TRANSACTIONS

June $1$ The company had repurchased $400$ shares of stock in November at $$10$ per share $($you do not need to make this entry$-$it is included

in the account balances$).$ They resell all of these shares at $$19$ per share $($this is the piece you need to record$).$

June $10$ The company issues $4,500$ shares of no$-$par common stock at $$20$ per share.

June $15$ The company declares a cash dividend of $$\mathrm{.}25($twenty$-$five cents$)$ per share. The date of record is June $20.$

June $25$ In addition to declaring the cash dividend, the company decides to declare a $1\%$ stock dividend that is to be capitalized

at the market price of the stock, which is $$21$ per share.

June $28$ Paid the cash dividend declared on June $15$ and distributes the stock dividend declared on June $25.$

June $30$ Repurchased $1,000$ shares of stock at $$22$ per share.

Required:

$1$ Journalize the transactions$--$DONE

Assume a $360$ day year for all transactions related to interest calculations.

$2$ Complete the worksheet. The information you need for the adjusting entries is:

a Evaluation of the years sales indicated that warranties related to current years sales

are estimated to be $$35,000.$

b The balance in notes payable is related to a $3-$year $6\%$ note signed on June $1,2024.$

c The annual liability insurance policy was renewed on August $1,2023.$

d Office supplies on hand were $$2,000$ and store supplies on hand were $$14,750.$

e Depreciation on the building is calculated using straight line with a $50$ year life and $$50,000$ residual value.

f Depreciation for the office equipment is calculated using double declining balance method, has

a five year life and it is expected to have a $$5,000$ residual value. Round to the nearest dollar.

g Payroll for June is going to be paid in early July. Salaries earned were $$46,000.$ The FICA rate is $7\mathrm{.}65\%$

and is paid by both the employee and the employer. Employee income taxes are withheld at a rate of $15\%.$

Round to the nearest dollar.

$3$ Journalize and post the adjusting entries.

$4$ Prepare a multiple$-$step income statement.

$5$ Prepare a statement of stockholders$$ equity.

$6$ Prepare a balance sheet.

$7$ Prepare the operating section of the statement of cash flows using the indirect method.

$8$ Journalize and post the closing entries.

$9$ Prepare a post$-$closing trial balance.