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Hi! I'm working on the following problem and would like some help: 12. A Pizza Shop sold $15,000 worth of pizzas in 2016. They received $10,000 in cash and the remainder were recorded as receivables that will be collected in 2016. The Pizza Shop operates under the Accrual Basis of Accounting. The reported revenues for 2016 are: $0 $5,000 $10,000 $15,000 Journal Entries & Short Answer: 13. On January 15, 2016, Company X issued 10,000 shares of its Common Stock with a $1 par value and received $25,000 in cash. Record the journal entry for the issuance of the common stock on January 15, 2016 (10 points): 14. On January 1, 2016, Company Y purchased a two year insurance policy for $120,000. The insurance policy will provide coverage for the company for two years through December 31, 2017. Record the journal entry for the purchase of the insurance policy on January 1, 2016 (5 points): Record the journal entry as of December 31, 2016 to record the insurance expense for the whole year of 2016 (10 points): 15. On July 1, 2015, Allen Company signed a $100,000, one year, 5% Note Payable. The principal and interest will be paid on June 30, 2016. Record the journal entry on July 1, 2015 to record the issuance of the Note Payable by Allen Company (10 points): How much interest expense should be report on Allen Company's income statement for the year ended December 31, 2015 (5 points)? 12. A Pizza Shop sold $15,000 worth of pizzas in 2016. They received $10,000 in cash and the remainder were recorded as receivables that will be collected in 2016. The Pizza Shop operates under the Accrual Basis of Accounting. The reported revenues for 2016 are: $0 $5,000 $10,000 $15,000 Journal Entries & Short Answer: 13. On January 15, 2016, Company X issued 10,000 shares of its Common Stock with a $1 par value and received $25,000 in cash. Record the journal entry for the issuance of the common stock on January 15, 2016 (10 points): 14. On January 1, 2016, Company Y purchased a two year insurance policy for $120,000. The insurance policy will provide coverage for the company for two years through December 31, 2017. Record the journal entry for the purchase of the insurance policy on January 1, 2016 (5 points): Record the journal entry as of December 31, 2016 to record the insurance expense for the whole year of 2016 (10 points): 15. On July 1, 2015, Allen Company signed a $100,000, one year, 5% Note Payable. The principal and interest will be paid on June 30, 2016. Record the journal entry on July 1, 2015 to record the issuance of the Note Payable by Allen Company (10 points): How much interest expense should be report on Allen Company's income statement for the year ended December 31, 2015 (5 points)?