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1) The following information was taken from the accounting records of Winnifred Corp. at December 1, 2017. The income tax rate is 40%. Preferred shares, $1,50,000 shares authorized, 10,000 shares issued Retained earnings, balance as of January 1, 2017 Cost of goods sold Gain on sale of discontinued segment Sales revenue Selling expenses Sales Returns Sales Discounts Administrative expenses Operating income, discontinued segment Loss on expropriation of land Common shares, unlimited number of shares authorized, 200,000 shares issued $150,000 287,000 935.000 80,000 1,463,500 215,000 10,000 3,500 112,000 33,000 46,000 315.000 Requirement 1 (25%) Record the following transaction in the General Journal: Dec 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on December 9. Dividends will be paid on December 15. Dec 10 Declared a 1 for 2 stock split on Common Shares outstanding. Dec 15 Paid the cash dividend declared on Dec 5. Dec 20 Repurchased 10,000 common shares, the market price was $5 per share. Dec 20 Repurchased 10,000 common shares, the market price was $5 per share. Dec 30 Declared a 10% common stock dividend to shareholders of record on Jan 15. Market price at the time was $6 per share. Shares will be distributed Jan 25. Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained Earnings. (Ctrl). Requirement 2 (15%) Open t-accounts for the ledger records and post the transactions from requirement 1. Requirement 3 (60%) Prepare a single step income statement with EPS, a statement of retained earnings, and a statement of shareholder's equity for the year ended December 31, 2017. 1) The following information was taken from the accounting records of Winnifred Corp. at December 1, 2017. The income tax rate is 40%. Preferred shares, $1,50,000 shares authorized, 10,000 shares issued Retained earnings, balance as of January 1, 2017 Cost of goods sold Gain on sale of discontinued segment Sales revenue Selling expenses Sales Returns Sales Discounts Administrative expenses Operating income, discontinued segment Loss on expropriation of land Common shares, unlimited number of shares authorized, 200,000 shares issued $150,000 287,000 935.000 80,000 1,463,500 215,000 10,000 3,500 112,000 33,000 46,000 315.000 Requirement 1 (25%) Record the following transaction in the General Journal: Dec 5 Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on December 9. Dividends will be paid on December 15. Dec 10 Declared a 1 for 2 stock split on Common Shares outstanding. Dec 15 Paid the cash dividend declared on Dec 5. Dec 20 Repurchased 10,000 common shares, the market price was $5 per share. Dec 20 Repurchased 10,000 common shares, the market price was $5 per share. Dec 30 Declared a 10% common stock dividend to shareholders of record on Jan 15. Market price at the time was $6 per share. Shares will be distributed Jan 25. Dec 31 Closed the income summary account which had a credit balance of $153,000 to Retained Earnings. (Ctrl). Requirement 2 (15%) Open t-accounts for the ledger records and post the transactions from requirement 1. Requirement 3 (60%) Prepare a single step income statement with EPS, a statement of retained earnings, and a statement of shareholder's equity for the year ended December 31, 2017