journalize and complete an income statement, balance sheet, and retained earning

Question

journalize and complete an income statement, balance sheet, and retained earning statement

Chart of Accounts Journal 3 bys, were as follows Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2 2 Record on journal page 10: 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Jan. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at s100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually 16 Declared a quarterly dividend of $0.50 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 wers outstanding. Paid the cash dividends declared on May 16 Purchased 8,000 shares of treasury common stock at $33 per share 26 Jun s d per share on preferred stock. On the date of 30 Deciared a $1.00 quarterly cash dividen record, 20,000 shares of preferred stock had been issued u 11 Paid the cash dividends to the preferred stockholders Next Check My Work tems 3:30 PM 12/4/2017 here to search

Explanation / Answer

03-Jan Cash 450000 (15000*30)            Common stock 300000 (15000*20)             Paid in value in excess common stock 150000 15-Feb Cash 400000 (4000*100)             Preferred stock 320000 (4000*80)            Paid in value in excess preferred stock 80000 01-May Cash 520000 (500000*104%)             Bonds payable 500000              Premium on bonds payable 20000 16-May Cash dividends 70000 (100000*.5+20000*1)              Cash Dividend payable 70000 26-May Cash dividend payable 70000              Cash 70000 08-Jun Treasury stock 264000 (8000*33)              Cash 264000 30-Jun Cash dividends 20000 (20000*1)              Cash Dividend payable 20000 11-Jul Cash dividend payable 20000              Cash 20000 07-Oct Cash 98800 (2600*38)            Treasury stock    85800 (2600*33)             Paid in value in excess treasury stock 13000 31-Oct Interest expense 11500 Premium on bonds payable 1000 (20000/20)             Interest payable 12500 (500000*5%*6/12)

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