Assignment: Problem 1: On September 30, Jose's Jalapenos Inc., issued $1,000,000 of 10-year 9% bonds sated September 30, for $1,067,950 an effective (market) rate of 8%. Interest is payable semi-annually on October 1 and April 1. The bonds were purchased by Juan's Junk and Basura Inc. Present the entries to record the following transactions for the current year on BOTH sets of books: (Issuing Corporation and Investor) a) Issuance of bonds b) Accrual of interest and amortization for the period ended December 31. Use the effective interest method for the amortization not the straight-line method. c) Redemption of the bonds on January 1 at 102. Assignment Due by 03/13/21 A simplified Retained Earnings Stateme Assignment: Problem 1: The Long Island Ducks has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock. $150 par and 50,000 shares of $10 par common. During the first four years of operations, the following were distributed as dividends: first year, $27,000;second year, $60,000; third year, $80,000; fourth year $90,000. Determine the amount of dividends allocated to preferred stockholders and to common stockholders for each of the four years