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The stockholders' equity section of Skysong Inc, at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,043,000 shares, 321,000

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The stockholders' equity section of Skysong Inc, at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,043,000 shares, 321,000 shares issued and outstanding Pald-in capital in excess of par-common stock Retained earnings $3,210,000 562,000 624,000 During the current year, the following transactions occurred. 1. The company issued to the stockholders 109,000 rights. Ten rights we needed to buy one share of stock at $30. There were old after 30 days. The market price of the stock at this time was $32 per share. 2. The company sold to the public a $204,000. 10% bond issue at 104. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $28 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8. 3. All but 5,450 of the rights issued in (1) were exercised in 3 days 4. At the end of the year, 80% of the warrants in (2) had been exercised, and the remaining were outstanding and in good standing 5. During the current year, the company granted cock options for 10.000 shares of common stock to company executives. The company, using a fair value option pricing model determines that each option is worth $10. The option price 928. The options were to expire a year end and were considered compensation for the current year 6. All but 1,080 shares related to the stock option plan were exercised by year end. The expiration resulted because one of the executives failed to an obligation related to the employment contract Prepare general Journal entries for the current year to record the transactions listed above (Cred account tires are automatically indented when amount is entered. Do not Indent manually. If ne entry is required, select "Ne Entry for the account titles and enter for the amounts on intermediate calculations to decimal places eg. 1.2.4687 and final answers to decimal aces, 0.5, 125.) No Account Titles and Explan Debu Credit CALCUL No. Account Titles and Explanation Debit Credit 1. CALCULATOR FULL 6. For options exercised: For options lapsed: Prepare the stockholders' equity section of the balance sheet at the end of the current year. Assume that retained earnings at the end of the Skysong Inc. Balance Sheet Prepare the stockholders' equity section of the balance sheet at the end of the current year. Assume that retained earnings at the end of Skysong Inc. Balance Sheet

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