Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2048, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. 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. Description Debit Credit b. Issued 4,000 shares of 580 par preferred 5% stock at $100, receiving cash. Description Debit Credit c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. Description Debit Credit d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred st outstanding. Journalize the common stock and the preferred stock entries separately. Description Debit Credit d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock we outstanding. Journalize the common stock and the preferred stock entries separately. Description Debit Credit Common stock Preferred stock e. Paid the cash dividends declared in (d). Description Debit Credit f. Purchased 8,000 shares of treasury common stock at 533 per share. Description Debit Credit g. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Description Debit Credit h. Paid the cash dividends to the preferred stockholders. Description Debit Credit i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f). Description Debit Credit j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Description Debit Credit Print Item Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Income statement data: Advertising expense $150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 30,000 Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 7,500 Miscellaneous administrative expense Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 5,313,000 Sales 185,000 Sales commissions 385,000 Sales salaries expense 21,000 Store supplies expense $194,300 545,000 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 1,580,000 4,126,000 8,450 500,000 Bonds payable, 5%, due in 10 years Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 2,000,000 Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200