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Assignment Material E1219 The Serial Exercise involves a company that will be revisited throughout relevant chapters in TVolume 1 and Volume 2. You can complete the Serial Exercises using MyLab Accounting. This exercise continues recordkeeping for the Canyon Canoe Company. Students do not have to complete prior exercises in order to answer this question. Amber Wilson, Jean Turner, and Oscar White decide to form a Tshirt design partnership. Wilson gures this Tshixt design business will help her other company, Canyon Canoe Company, with any Tshirt design needs. Additionally, Turner and White have connections with many companies, and can expand and grow this new partnership. Each of the three partners contributes $12,000 cash to start up the WTW partnership. They agree to share prots in two steps. First, Turner will receive $11,000 and White will receive $16,000 because they will do most of the graphic design work. ny remaining profits or losses will be shared 1:2:3 for Wilson, Turner, and White. The business starts on January 1, 2021. On December 31, 2021, the business posted a loss of $12,000. Wilson decides to withdraw from the partnership on December 31, 2021. Turner and 1White agree to give Wilson $4,000 for her equity interest. Required Required 1. Journalize the contribution of the partners in the partnership on January 1, 2021. 2. Journalize the allocation of the loss from the Income Summary account. 3. Journalize the withdrawal of Wilson as a partner on December 31, 2021. 4. Calculate the ending balances in Turner's and White's capital accounts. 2 3 5 Account for partners' initial investment, allocate profit and losses, account for the withdrawal of a partner Jean Turner, Capital, December 31, 2021 $10,600E1318 The Serini Exercise involves a company that wiii be revisited throughout relevant chapters in Volume I and Volume 2. You can complete the Serial Exercises usingMyLob Accounting. This exercise continues recordkeeping for the Canyon Canoe Company. Students do not have to complete prior exercises in order to complete this question. Amber Wilson, owner of Canyon Canoe Company, decides to start a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OED. This company will sell outdoor clothing and equipment. The articles of incorporation for DE] authorize the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares. OEI had the following select transactions in 2022: Jan. Issued 50,000 common shares for a total of $200,000. 10 Issued 2,000 preferred shares in exchange for land with a market value of $70,000. Dec. 15 Declared total cash dividends of $15,000. 31 Paid the cash dividends.Required 1. Jomnalize the transactions. 2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $417,000. 3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022. 2 3 Record the issuance of shares and preparation of shareholders' equity, account for cash dividends Total shareholders equity $672,000 E1421 This problem continues the Canyon Canoe Company situation from Chapters 12 and 13. If students did not complete the earlier questions, they can still complete this one with the lnfomation requimdg. In 2022, Amber Wilson, owner of Canyon Canoe Company, started a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OED. This company sells outdoor clothing and equipment. The articles of incorporation for OEI authorized the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares. At JanuaJy 1, 2023, the 2,000 preferred shares had a balance of$70,000, the 50,000 common shares had a balance of $200,000, and the retained earnings balance was $402,000. In January 2023, OEI has the following transactions related to its common shares: Jan. 3 The company sold 1,000 of its common shares for $8.00 per share to a small number of people who believed in the company's potential for profit. 20 The company repurchased 100 of its common shares for $10.00 per share from a shareholder who was having financial difculties. 30 The company sold 100 common shares for $12.00 per share. Require d 1. Jomnalize the entries related to the transactions. 2. Calculate the ending balance in the Common Shares account. 3. Prepare the statement of shareholdersr equity for Janualy 31, 2023. Assume that net income for the period was $67,500. 2 Journalizing and reporting share sale and repurchase transactions 2. Common Shares ending balance, $208,792E1524 The Serial Exercise involves a company that will be revisited throughout relevant chapters in Volume 1' and Volume 2. You can complete the Serial Exercises nsingMyLab Accounting. This exercise continues recordkeeping for the Canyon Canoe Company. Students do not have to complete prior exercises in order to answer this question. Canyon Canoe Company is considering raising additional capital for further expansion. The company wants to nance a new business venture into guided trips doum the Amazon River in South America. Additionally, the company wants to add another building on its land to offer more services for local customers. Canyon Canoe Company plans to raise the capital by issuing $210,000 of 7.5 percent, six-year bonds on January 2, 2023. The bonds pay interest semi-annually on June 30 and December 31. The company receives $208,476 when the bonds are issued. The company also issues a mortgage payable for $450,000 on January 2, 2023. The proceeds from the mortgage will be used to construct the new building. The mortgage requires annual payments of $45,000 plus interest for 10 years, payable on December 31. The mortgage interest rate is 3 percent. Required 1. Will the bonds issue at face value,r a premium, or a discount? 2. Record the following transactions. Include dates and round to the nearest dollar. Omit explanations. a. Cash received from the bond issue. In. Cash received from the mortgage payable. c. Semiannual bond interest payments for 2323. Arnortize the premium or discount using the straightline amortization method. :1. Payment on the mortgage payable for 2023. 5. Calculate the total interest expense incurred in 2023. 2 3 6 Determine the price of bond and account for basic bond transactions, amortize a bond discount or premium using the straightline method, account for other longterm liabilities June 3U Discount on Bonds Payable, $12"?r