MUST BE IN EXCELE11-7. Quay Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000.July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.InstructionsJournalize the transactions.E11-13. On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.Apr. 1 Issued 25,000 additional shares of common stock for $17 per share.June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.July 10 Paid the $1 cash dividend.Dec. 1 Issued 2,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.Instructions⦁ Prepare the entries, if any, on each of the three dividend dates.⦁ How are dividends and dividends payable reported in the financial statements prepared at December 31? E12-8. Presented below are two independent situations.⦁ Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2015. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of $122,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale.⦁ Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2015. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year.InstructionsPrepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc.E12-12. Uttinger Company has the following data at December 31, 2015. The available-for-sale securities are held as a long-term investment.Instructions⦁ Prepare the adjusting entries to report each class of securities at fair value.⦁ Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. ProblemsP11-3A. The stockholders’ equity accounts of Castle Corporation on January 1, 2015, were as follows.Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000Paid-in Capital in Excess of Par—Preferred Stock 100,000Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000Retained Earnings 1,816,000Treasury Stock (10,000 common shares) 50,000During 2015, the corporation had the following transactions and events pertaining to its stockholders’ equity.Feb. 1 Issued 25,000 shares of common stock for $120,000.Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000.Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.Dec. 31 Determined that net income for the year was $452,000.No dividends were declared during the year.Instructions⦁ Journalize the transactions and the closing entry for net income.⦁ Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)⦁ Prepare a stockholders’ equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears. P12-6A. The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. The investment in Sasse common stock is considered to be a long-term available-for-sale security.InstructionsPrepare a classified balance sheet at December 31, 2015.