Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,20Y2, were...

70.2K

Verified Solution

Question

Accounting

imageimageimageimageimageimageimage Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,20Y2, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. 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, receiving cash. b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. c. Issued $500,000 of 10 -year, 5% bonds at 104 , with interest payable semiannually. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 g. Purchased 8,000 shares of treasury common stock at $33 per share. j. Paid the cash dividends to the preferred stockholders. k. Received $27,500 dividend from Pinkberry Co. investment in (h). m. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of $0.60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at $45, including commission. q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). te: You must complete part 1 before part 2 . Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) Bonds payable, 5%, due 20Y4 Cash Common stock, \$20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) Dividends: Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable Interest receivable Investment in Pinkberry Co. stock (equity method) Investment in Dream Inc. bonds (long term) Merchandise inventory (December 31, 20Y2), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par-preferred stock Preferred 5\% stock, $80 par (30,000 shares authorized; 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, 20Y2 Store buildings and equipment

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students