You have been hired as a new Accountant in the Manhattan Trade Corporation and will be...

  

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You have been hired as a new Accountant in the Manhattan Trade Corporation and will be in charge of recording the 2022 daily operations transactions of the company: Feb. 1 Manhattan Trade Corporation opened with the following stockholders: Name Julia Thomas Michael Combs Mary Connors Note: Common Stock Par Value Preferred Stock Par Value: $1 $ 10 Investment $ 80,000 $ 80,000 $ 80,000 Feb. 1 Paid $60,000 to a real estate company the rent for a one-year period beginning on Feb. 1, 2022. Feb. 2 The company issued a $10,000,000, 8%, 10-year bond that pays semiannual interest on June 30 and December 31, receiving cash of $9,800,000. Feb. 2 Issued 30,000 shares of $ 1 par common stock and sold them at $ 20 per share. Feb. 3 Purchased a delivery truck from Ford Motor Co. $60,000 cash. The useful life is 6 years and its residual value $ 1,000. Feb. 6 Feb. 7 Feb. 3 Issued 10,000 shares of $ 10 par preferred stock and sold them at $25 per share. Feb. 4 Purchased Office Equipment from Office Depot $10,000 on account. Stock Type Preferred Stock Common Stock 50% Preferred 50% Common Feb. 5 Bought merchandise on account $90,000 from Samsung, terms: n/30. The company uses the perpetual inventory system. Credit sales totaled $40,000. The cost of goods sold was $25,000. Cash Sales totaled $15,000. The COGS was $ 5,000. Feb. 15 Feb. 17 Paid $30,000 on account for the merchandise purchased in Feb. 5. Paid $2,000 on Insurance for the store building for the month of February. Feb. 18 Collected $25,000 from customers on account. Feb. 19 Declared cash dividends of $0.60 per share on preferred stock and $0.10 per share on common stock. Feb. 20 Purchased 3,000 shares of treasury common for $25 per share. Feb. 21 Paid the cash dividends declared on Feb. 19. Feb. 22 Sold 500 shares of treasury common for $30 per share. Feb. 23 Declared a 10% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 Feb. 24 Sold 300 shares of treasury common for $20 per share. per share. Feb. 28 Issued the certificates for the dividends declared on Feb. 23. Feb. 28 Sold the delivery truck for $ 52,000 in cash. Feb. 28 Calculate and record the monthly depreciation of the equipment, its useful life 5 years and its residual value = 0. Feb. 28 Recorded the amount of prepaid rent that expired for the month. June 30 Make the first interest payment of the bonds issued on Feb. 2. Use the SLM for the discount amortization. Required: a) b) c) d) e) T-Accounts Journal entries Trial Balance Income Statement Balance Sheet You have been hired as a new Accountant in the Manhattan Trade Corporation and will be in charge of recording the 2022 daily operations transactions of the company: Feb. 1 Manhattan Trade Corporation opened with the following stockholders: Name Julia Thomas Michael Combs Mary Connors Note: Common Stock Par Value Preferred Stock Par Value: $1 $ 10 Investment $ 80,000 $ 80,000 $ 80,000 Feb. 1 Paid $60,000 to a real estate company the rent for a one-year period beginning on Feb. 1, 2022. Feb. 2 The company issued a $10,000,000, 8%, 10-year bond that pays semiannual interest on June 30 and December 31, receiving cash of $9,800,000. Feb. 2 Issued 30,000 shares of $ 1 par common stock and sold them at $ 20 per share. Feb. 3 Purchased a delivery truck from Ford Motor Co. $60,000 cash. The useful life is 6 years and its residual value $ 1,000. Feb. 6 Feb. 7 Feb. 3 Issued 10,000 shares of $ 10 par preferred stock and sold them at $25 per share. Feb. 4 Purchased Office Equipment from Office Depot $10,000 on account. Stock Type Preferred Stock Common Stock 50% Preferred 50% Common Feb. 5 Bought merchandise on account $90,000 from Samsung, terms: n/30. The company uses the perpetual inventory system. Credit sales totaled $40,000. The cost of goods sold was $25,000. Cash Sales totaled $15,000. The COGS was $ 5,000. Feb. 15 Feb. 17 Paid $30,000 on account for the merchandise purchased in Feb. 5. Paid $2,000 on Insurance for the store building for the month of February. Feb. 18 Collected $25,000 from customers on account. Feb. 19 Declared cash dividends of $0.60 per share on preferred stock and $0.10 per share on common stock. Feb. 20 Purchased 3,000 shares of treasury common for $25 per share. Feb. 21 Paid the cash dividends declared on Feb. 19. Feb. 22 Sold 500 shares of treasury common for $30 per share. Feb. 23 Declared a 10% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 Feb. 24 Sold 300 shares of treasury common for $20 per share. per share. Feb. 28 Issued the certificates for the dividends declared on Feb. 23. Feb. 28 Sold the delivery truck for $ 52,000 in cash. Feb. 28 Calculate and record the monthly depreciation of the equipment, its useful life 5 years and its residual value = 0. Feb. 28 Recorded the amount of prepaid rent that expired for the month. June 30 Make the first interest payment of the bonds issued on Feb. 2. Use the SLM for the discount amortization. Required: a) b) c) d) e) T-Accounts Journal entries Trial Balance Income Statement Balance Sheet