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Part 1: Selected transactions completed by Equinox Products tnc. during the fiscal year ended December 31, 20Ys, were as follows 1. Journalize the selected transactions If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. 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, recelving cash Debit Credit Description b. Issued 4,000 shares of 160 par preferred 5% stock at 3100, receiving cash. Credit Debit Description Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually c. Description Debit Credit d. Declared a quarterly dividend of so.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. Jourmalize the common stock and the preferred stock entries separately Debit Credit Description Common stock Preferred stock e. Pald the cash dividends dedared in (d). Debit Description Credit f. Purchased 8,000 shares of treasury common stock at $33 per share. Debit Description Credit g. Dedlared 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. Debit Credit Description h. Paid the cash dividends to the preferred stockholders Credit Debit Description 58 PM i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f). Description Debit Credit j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method Debit Credit Description Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20YB, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Income statement data: Advertising expense $150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expense-office buildings and equipment 0,000 100,000 Depreciation expense-store buildings and equipment 140,500 Income tax expense 21,000 Interest expense 30,000 Interest revenue .500 Miscellaneous administrative expense 14,000 Miscellaneous selling expense 50,000 Office rent expense 170,000 Office salaries expense 10,000 Office supplies expense 5.313,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable $194,300 Accounts receivable 545,000 Accumulated depreciation-office buildings and equipment 1,580,000 Accumulated depreciation-store buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, $20 par (400,000 shares authorized: 2.000,000 100,000 shares issued, 94,600 outstanding) Dividends 55,120 Cash dividends for common stock 100,000 Cash dividends for preferred stock 700,000 Goodwil 44,000 Income tax payable Interest receivable RT1.B 1,200 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market 778,000 RT2.B.. Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 RT.1 Excess of issue price over par-common stock 886,800 Excess of issue price over par-preferred stock 150,000 RT 2 Preferred 5% stock, $80 par (30,000 shares authorized: 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 27,400 Prepaid expenses 8,197,220 Retained earnings, January 1, 20Y8 12,560,000 Store buildings and equipment 178,200 Treasury stock (5,400 shares of common stock at cost of $33 per share) 1. Prepare an income statement. Deductions in the Other Revenue and Expense s section should be entered as negative amounts 4-01 PART2 B Equinox Products Inc. 4-01 PART.1 Income Statement -01 PART2 For the Year Ended December 31, 20Y8 Sales Expenses Total selling expenses 01 PART1.B... Administrative expenses 01 PART2.B... 01 PART.1 01 PART2 Total administrative expenses Total operating expenses Income from operations Other revenue and expense: Total other revenue and expense Income before income tax ART1.B income ART2 B statement. Decreases in equity should be entered as negative amounts by sing a minus sign Equinox Products Inc. ART 1 Retained Earnings Statement ART2 For the Year Ended December 31, 20YS T1.8 3. Prepare a balance sheet. Accounts that cause decreases in assets should be entered as negative amounts by using a minus sign. T2 B Equinox Products Inc. RT.1 Balance Sheet RT December 31, 20Y8 Assets Current assets: Total current assets PPRO.04-01 PART1.B. 0 equipment: PPRO.04-01 PART2.B.. PPRO.04-01 PART1 PPRO.04-01 PART2 Total property, plant and equipment Intangible assets Total assets t liabilities Total current liablites Total liabilities MPPRO.04-01 PART2.B. Stockholders Equity MPPRO.04-01 PART.1 Paid-in capital: MPPRO.04-01 PART2 Total paid-in capital Total stockholders equity Total liabilities and Stockholders Equity

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