Record the following transactions in the General Journal: Jan 1 Jan 1 Mar 5 Mar 10...

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Record the following transactions in the General Journal: Jan 1 Jan 1 Mar 5 Mar 10 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. The corporation uses the effective interest method of amortizing bond premium or discount. (It would be a good idea to construct a bond amortization schedule) Issued 20,000 Common Shares for 50,000 cash. Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on March 9. Dividends will be paid on March 15. Declared a 1 for 2 stock split on Common Shares outstanding. Mar 15 Jun 30 Paid the cash dividend declared on Mar 5. Made the first interest payment on the bond. The company uses the effective interest method. July 20 Repurchased 10,000 common shares, the market price was $5 per share. July 31 Issued 10,000 Preferred shares for 180,000 cash. Sept 30 Nov 25 Dec 31 Dec 31 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market price at the time was $6 per share. Shares will be distributed Nov 25. Distributed the common stock dividend. Made the second interest payment on the bond using the effective interest method. Closed the income summary account which had a credit balance of $153,000 to Retained Earnings. Record the following transactions in the General Journal: Jan 1 Jan 1 Mar 5 Mar 10 When the market rate was 12%, Winnifred Corp. issued $2,000,000, 14%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. The corporation uses the effective interest method of amortizing bond premium or discount. (It would be a good idea to construct a bond amortization schedule) Issued 20,000 Common Shares for 50,000 cash. Declared cash dividends in the amount of $50,000 to be distributed to the shareholders of record on March 9. Dividends will be paid on March 15. Declared a 1 for 2 stock split on Common Shares outstanding. Mar 15 Jun 30 Paid the cash dividend declared on Mar 5. Made the first interest payment on the bond. The company uses the effective interest method. July 20 Repurchased 10,000 common shares, the market price was $5 per share. July 31 Issued 10,000 Preferred shares for 180,000 cash. Sept 30 Nov 25 Dec 31 Dec 31 Declared a 10% common stock dividend to shareholders of record on Oct 15. Market price at the time was $6 per share. Shares will be distributed Nov 25. Distributed the common stock dividend. Made the second interest payment on the bond using the effective interest method. Closed the income summary account which had a credit balance of $153,000 to Retained Earnings.