In 2017, the Redsox Inc. was formed. The corporate charter authorizes 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock, and issuance of 5,000,000 shares of common stock carrying a $1 par value. Balance sheets are prepared quarterly.

On January 2, 2018, all 1,000,000 shares of preferred stock are issued at $20 per share. Also on January 2, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Net income for the first quarter was $1,000,000.

During the 2^nd and 3^rd quarters, the Redsox Inc. participated in three treasury stock transactions:

Net income for the second and third quarter was $3,000,000 in total.

On October 15, 2018, Board of Directors approves a 2-for-1 stock split to replace its $1 par value common stock with a new common stock issue having a $0.50 par value. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed.

On November 5, 2018, the Redsox Corporation declares a $0.05 per share cash dividend on common stock and a $0.25 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2018, to shareholders of record on November 15, 2018.

On December 14, 2018, the Redsox Corporation declares and issues a 1% stock dividend. At the date of declaration, the common stock was selling in the open market at $10 per share.

Net income for the fourth quarter was $2,000,000.

Required:

Prepare journal entries for stock related transactions (i.e., issuance, repurchase, and dividends).

Prepare the December 31, 2018, shareholders’ equity section of the balance sheet for the Redsox Corporation.

Assuming the rotomolded line is treated as a cost center, prepare a flexible budget report for manufacturing for the quarter ended March 31, 2020, when 1,050 units were produced. (List variable costs before fixed costs. Round answers to 2 decimal places, e.g. 5,275.25.)The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 4,000 kayaks during 2020. Each kayak will require 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.50 per pound, and the finishing kits cost $170 each. Each kayak will use two kinds of labor—2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $15 per hour, and the type II are paid $12 per hour.

Manufacturing overhead is budgeted at $396,000 for 2020, broken down as follows.

During the first quarter, ended March 31, 2020, 1,050 units were actually produced with the following costs.

Assuming the rotomolded line is treated as a cost center, prepare a flexible budget report for manufacturing for the quarter ended March 31, 2020, when 1,050 units were produced. (List variable costs before fixed costs. Round answers to 2 decimal places, e.g. 5,275.25.)

Feathered FriendsFeathered Friends makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $12 per birdfeeder. Each birdfeeder requires 3.0 board feet of​ wood, which the company obtains at a cost of $2 per board foot. The company would like to maintain an ending stock of wood equal to 10% of the next​ month's production requirements. The company would also like to maintain an ending stock of finished birdfeeders equal to 25% of the next​ month's sales. Sales data for the company is as​ follows:

Prepare the direct materials purchases budget for the first three months of the​ year, as well as a summary budget for the quarter. Assume the company needs 105,000

board feet of wood for production in April. ​(Round your answers to the nearest whole​ dollar.)

3. For each of the following goods, explain whether it possesses the

nonexclusive property, the nonrival property, or both. If the good does not

have the characteristics of a public good but is, nevertheless, produced by the

government, provide an explanation for why that may be.

i.Television receivers

ii.Over-the-air television transmissions

iii.Cable television transmissions

iv.Elementary education

v.College education

vi.

Electric power

vii.Delivery of first-class mail

viii.Low-income housing

Nueva Company reported the following pretax data for its first year of operations.

How much more will Nueva report in income tax if it elects FIFO instead of LIFO?

A company purchased 150 units of inventory for $20 each on January 31. On February 28, the company purchased another 200 units for $40 each. From March 1 through December 31, the company sold a total of 250 units for $110 each. Determine the Cost of Goods sold on the income statement on December 31, assuming the company uses the last-in, first-out inventory costing method.

The discussion forum this week involves Business Method Patents. First, in your view, what should the standard be for a business method patent? Second, please include a discussion of whether you think that Amazon should be able to patent the One-Click method of ordering goods AND whether you think Facebook should be able to patent a process that “dynamically provides a news feed about a user of a social network.”

One of the Principles of economics “Trade Can Make Everyone Better Off.” Based on your understanding of this principle, first, explain the fundamental principles of the trade between the two countries. Today we can see that some countries started to impose some restrictions on the flow of goods and services, do you think these practices contradict the principle? Why?

I need the answer minimum of 500 words please.