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Journalize these entries: 1. On January 1, 2017, Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. 2. On January 1, 2017, Harmony also issued 2,000 shares of common stock for $54,000. 3. On January 1, 2017, Harmony issued $80,000, 6%, 5 year bonds when the market rate was 7%. Interest is to be paid annually on each January 1, beginning 1 year from date of issue. 4. Harmony reaquired 500 shares of its common stock on September 19, 2017 for $39 per share. 5. On December 31, 2017, Harmony declared the annual preferred dividend and a $1.75 per share dividend on the outstanding common stock, all payable in cash on January 20, 2018. 6. Harmony estimates that the total amount of accounts receivable that is uncollectible at year end is $1,904. 7. The building is being depreciated using the straight line method over 20 years. The salvage value is $22,500. 8. The equipment is being depreciated using the straight line method over 5 years. The salvage value is $13,500. 9. The unearned rent was collected on September 1, 2017. It was receipt of 5 months' rent in advance (September 1, 2017 through January 31, 2018). 10. The annual interest on the bonds for 2017 has not been recorded. Harmony uses the effective interest method. 11. The Harmony Corporation must make an adjusting entry to accrue income tax expense on Income Before Income Tax at a rate of 29%. The income taxes will not be paid until March 2018.

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