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eBook Calculator Print Item Comprehensive Problem 4 (Part A) instructions Chart of Accounts Journal Instructions Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, 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 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually 16 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 were outstanding, Journalize this transaction as two separate entries 26 Paid the cash dividends declared on May 16. Check My Work 3 more Check My Work uses remaining rehensive Problem 4 (Part A) structions Chart of Accounts Journal ructions Jun. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment 8 Purchased 8,000 shares of treasury common stock at $33 per share. 22 Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. 30 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. Jul. Paid the cash dividends declared on Jun 30 to the preferred stockholders. Aug 27 Received $27,500 dividend from Pinkberry Co investment of Jun. 22. ecord on journal page 11 tructions Oct. 1 Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are classified as a held-to-maturity long-term investment 7 14 Sold, at $38 per share, 2,600 shares of treasury common stock purchased on Jun. 8. Received a dividend of $0.60 per share from the Solstice Corp. investment on Jun. 1. 29 31 Dec. 31 31 Sold 1,000 shares of Solstice Corp. at $45, including commission Recorded the payment of semiannual interest on the bonds issued on May 1 and the amortization of the premium for six months. The amortization is determined using the straight-line method. Accrued interest for three months on the Dream Inc. bonds purchased on Oct. 1. Pinkberry Co. recorded total earnings of $240.000 Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. The fair The fair value for Solstice Corp, stock was $39.02 per share on December 31, Year 1. The investment is adjusted to fair value, using a valuation allowance account. Assume that Valuation Allowance for Available for Sale Investments had a beginning balance of zero. 31 Required: meck My Work 3. more Check My Work uses remaining