west Company reported the following balances at December 31, 2016 ordinary share $500,000, share premium-ordinary $100,000, and retained earnings $250,000. During 2017, the following transactions affected shareholders equity 1. Issued preference shares with a par value of $125,000 for $200,000 2. Purchased treasury shares (ordinary for $40,000 3. Eamed net income of $180,000 4. Declared and paid cash dividends of $56,000. Instruction prepare journal entries & closing entries for above transaction Prepare the shareholders' equity section of west Company's December 31, 2017, balance sheet On Jan. 1, 2017 Ahmad Purchased 50 Bonds for $1,000 each , 10% from XYZ Company bonds for $50,000. Interest is payable annually on January. Dec 31, 2017 Accrued interest on XYZ bonds. Jan 1, 2018 Received interest from XYZ bonds. Jan 1, 2018 sold bonds for $ 29,000 Instruction (a) Journalize the transactions in ahmad books (b) prepare the adjusting entry for the accrual of interest on December 31, 2017