Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were...

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Selected transactions completed by Equinox Products Inc. duringthe fiscal year ended December 31, 2016, were as follows:
Record on journal page 10:
Jan. 3: Issued 15,000 shares of $20 par common stock at $30,receiving cash.
Feb. 15:Issued 4,000 shares of $80 par preferred 5% stock at$100, receiving cash.
May 1: Issued $500,000 of 10-year, 5% bonds at 104, withinterest payable semiannually.
May 16: Declared a dividend of $0.50 per share on common stockand $1.00 per share on preferred stock. On the date of record,100,000 shares of common stock were outstanding, no treasury shareswere held, and 20,000 shares of preferred stock were outstanding.Journalize this transaction as a single entry.
May 26: Paid the cash dividends declared on May 16.
Jun. 1: Purchased 7,500 shares of Solstice Corp. at $40 pershare, plus a $150 brokerage commission. The investment isclassified as an available-for-sale investment.
June 8: Purchased 8,000 shares of treasury common stock at $33per share.
June 22: Purchased 40,000 shares of Pinkberry Co. stock directlyfrom the founders for $24 per share. Pinkberry has 125,000 sharesissued and outstanding. Equinox Products Inc. treated theinvestment as an equity method investment.
June 30: Declared a $1.00 cash dividend per share on preferredstock. On the date of record, 20,000 shares of preferred stock wereoutstanding.
July 11: Paid the cash dividends declared on Jun. 30 to thepreferred stockholders.
Aug. 27: Received $27,500 dividend from Pinkberry Co. investmentof Jun. 22.
Then Record on journal page 11 thefollowing:
Oct. 1: Purchased $90,000 of Dream Inc. 10-year, 5% bonds,directly from the issuing company, at their face amount plusaccrued interest of $375. The bonds are classified as aheld-to-maturity long-term investment.
Oct 7: Sold, at $38 per share, 2,600 shares of treasury commonstock purchased on Jun. 8.
Oct 14: Received a dividend of $0.60 per share from the SolsticeCorp. investment on Jun. 1.
Oct 29: Sold 1,000 shares of Solstice Corp. at $45, includingcommission.
Oct 31: Recorded the payment of semiannual interest on the bondsissued on May 1 and the amortization of the premium for six months.The amortization is determined using the straight-line method.
Dec. 31: Accrued interest for three months on the Dream Inc.bonds purchased on Oct. 1.
Dec 31: Pinkberry Co. recorded total earnings of $240,000.Equinox Products recorded equity earnings for its share ofPinkberry Co. net income.
Dec 31: The fair value for Solstice Corp. stock was $39.02 pershare on December 31, 2016. The investment is adjusted to fairvalue, using a valuation allowance account. Assume ValuationAllowance for Available-for-Sale Investments had a beginningbalance of zero.
Required: 1. Journalize the selected transactions.Refer to the Chart of Accounts for exact wording of accounttitles.
CHART OF ACCOUNTS- Equinox Products Inc.- GeneralLedger
ASSETS- 110 Cash 121 Accounts Receivable,122Allowance for Doubtful Accounts ,131 Merchandise Inventory ,132Interest Receivable, 133 Prepaid Expenses ,141 Investments-SolsticeCorp., 142 Investment in Pinkberry Co. ,143 Investments-Dream Inc.Bonds ,144 Valuation Allowance for Available-for-Sale Investments,181 Store Buildings and Equipment, 182 AccumulatedDepreciation-Store Buildings and Equipment ,183 Office Buildingsand Equipment ,184 Accumulated Depreciation-Office Buildings andEquipment ,191 Goodwill
LIABILITIES- 211 Accounts Payable, 221 IncomeTax Payable, 225 Cash Dividends Payable ,251 Bonds Payable ,252Discount on Bonds Payable, 253 Premium on Bonds Payable
EQUITY- 311 Preferred Stock, 312 Paid-inCapital in Excess of Par-Preferred Stock ,321 Common Stock, 322Paid-in Capital in Excess of Par-Common Stock, 331 RetainedEarnings ,341 Cash Dividends, 351 Treasury Stock ,352 Paid-inCapital from Sale of Treasury Stock ,361 Unrealized Gain (Loss) onAvailable-for-Sale Investments
REVENUE- 410 Sales, 611 Dividend Revenue, 621Interest Revenue, 631 Income of Pinkberry Co. ,641 Gain on Sale ofInvestments
EXPENSES -511 Cost of Merchandise Sold ,512 BadDebt Expense ,520 Sales Salaries Expense ,521 Sales Commissions,522 Office Salaries Expense ,531 Advertising Expense ,532 DeliveryExpense ,537 Store Supplies Expense ,538 Office Supplies Expense,539 Office Rent Expense, 541 Income Tax Expense, 551 DepreciationExpense-Store Equipment ,552 Depreciation Expense-Office Equipment,591 Miscellaneous Selling Expense ,592 Miscellaneous AdministrativeExpense ,710 Interest Expense, 731 Loss on Sale of Investments

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Equinox Company Date Particular Amount Dr Amount Cr 3Jan Cash1500030 45000000 To Common Stock1500020 30000000 To Paid in capital excess of Par Common Stock1500010 15000000 Being amount of 15000 shares of 20 par value issued at 30 15Feb Cash4000100 40000000 To Preferred Stock400080 32000000 To Paid in Capital Excess of Par400020 8000000 Being amount of 4000 Preferred stock 80 par issued for 100 1May Cash500000104100 52000000 To Bonds Payable5000100100 50000000 To Premium on Bonds Payable50004 2000000 Being amountof 500000 10 bonds issued 104 16May Cash Dividend10000050 5000000 To See Answer

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Selected transactions completed by Equinox Products Inc. duringthe fiscal year ended December 31, 2016, were as follows:Record on journal page 10:Jan. 3: Issued 15,000 shares of $20 par common stock at $30,receiving cash.Feb. 15:Issued 4,000 shares of $80 par preferred 5% stock at$100, receiving cash.May 1: Issued $500,000 of 10-year, 5% bonds at 104, withinterest payable semiannually.May 16: Declared a dividend of $0.50 per share on common stockand $1.00 per share on preferred stock. On the date of record,100,000 shares of common stock were outstanding, no treasury shareswere held, and 20,000 shares of preferred stock were outstanding.Journalize this transaction as a single entry.May 26: Paid the cash dividends declared on May 16.Jun. 1: Purchased 7,500 shares of Solstice Corp. at $40 pershare, plus a $150 brokerage commission. The investment isclassified as an available-for-sale investment.June 8: Purchased 8,000 shares of treasury common stock at $33per share.June 22: Purchased 40,000 shares of Pinkberry Co. stock directlyfrom the founders for $24 per share. Pinkberry has 125,000 sharesissued and outstanding. Equinox Products Inc. treated theinvestment as an equity method investment.June 30: Declared a $1.00 cash dividend per share on preferredstock. On the date of record, 20,000 shares of preferred stock wereoutstanding.July 11: Paid the cash dividends declared on Jun. 30 to thepreferred stockholders.Aug. 27: Received $27,500 dividend from Pinkberry Co. investmentof Jun. 22.Then Record on journal page 11 thefollowing:Oct. 1: Purchased $90,000 of Dream Inc. 10-year, 5% bonds,directly from the issuing company, at their face amount plusaccrued interest of $375. The bonds are classified as aheld-to-maturity long-term investment.Oct 7: Sold, at $38 per share, 2,600 shares of treasury commonstock purchased on Jun. 8.Oct 14: Received a dividend of $0.60 per share from the SolsticeCorp. investment on Jun. 1.Oct 29: Sold 1,000 shares of Solstice Corp. at $45, includingcommission.Oct 31: Recorded the payment of semiannual interest on the bondsissued on May 1 and the amortization of the premium for six months.The amortization is determined using the straight-line method.Dec. 31: Accrued interest for three months on the Dream Inc.bonds purchased on Oct. 1.Dec 31: Pinkberry Co. recorded total earnings of $240,000.Equinox Products recorded equity earnings for its share ofPinkberry Co. net income.Dec 31: The fair value for Solstice Corp. stock was $39.02 pershare on December 31, 2016. The investment is adjusted to fairvalue, using a valuation allowance account. Assume ValuationAllowance for Available-for-Sale Investments had a beginningbalance of zero.Required: 1. Journalize the selected transactions.Refer to the Chart of Accounts for exact wording of accounttitles.CHART OF ACCOUNTS- Equinox Products Inc.- GeneralLedgerASSETS- 110 Cash 121 Accounts Receivable,122Allowance for Doubtful Accounts ,131 Merchandise Inventory ,132Interest Receivable, 133 Prepaid Expenses ,141 Investments-SolsticeCorp., 142 Investment in Pinkberry Co. ,143 Investments-Dream Inc.Bonds ,144 Valuation Allowance for Available-for-Sale Investments,181 Store Buildings and Equipment, 182 AccumulatedDepreciation-Store Buildings and Equipment ,183 Office Buildingsand Equipment ,184 Accumulated Depreciation-Office Buildings andEquipment ,191 GoodwillLIABILITIES- 211 Accounts Payable, 221 IncomeTax Payable, 225 Cash Dividends Payable ,251 Bonds Payable ,252Discount on Bonds Payable, 253 Premium on Bonds PayableEQUITY- 311 Preferred Stock, 312 Paid-inCapital in Excess of Par-Preferred Stock ,321 Common Stock, 322Paid-in Capital in Excess of Par-Common Stock, 331 RetainedEarnings ,341 Cash Dividends, 351 Treasury Stock ,352 Paid-inCapital from Sale of Treasury Stock ,361 Unrealized Gain (Loss) onAvailable-for-Sale InvestmentsREVENUE- 410 Sales, 611 Dividend Revenue, 621Interest Revenue, 631 Income of Pinkberry Co. ,641 Gain on Sale ofInvestmentsEXPENSES -511 Cost of Merchandise Sold ,512 BadDebt Expense ,520 Sales Salaries Expense ,521 Sales Commissions,522 Office Salaries Expense ,531 Advertising Expense ,532 DeliveryExpense ,537 Store Supplies Expense ,538 Office Supplies Expense,539 Office Rent Expense, 541 Income Tax Expense, 551 DepreciationExpense-Store Equipment ,552 Depreciation Expense-Office Equipment,591 Miscellaneous Selling Expense ,592 Miscellaneous AdministrativeExpense ,710 Interest Expense, 731 Loss on Sale of Investments