ACCOUNTING 211 COMPRHENSIVE PROBLEM 4: JUMPIN-JEHOSAPHATSTOOMMKThis problem has a value of 10% of the final grade.Jumpin-JehoSaphats is owned by Jessica Jean (JJ) Saphats. Jessica wants to incorporate her business butis not sure of the differences between the current form of sole proprietorship and changing to acorporation. She has come to you to discuss the future of her company.Part 1. 10% Discuss in detail the requirements of incorporating JJ’s company. What are the advantagesand disadvantages of this plan? What must she do to become a corporation?Part 2. 30% On January 1, Jumpin-JehoSaphats was incorporated. Jessica is going to raise capital byissuing stock. Using the data provided record the transactions, post to T accounts and create theshareholder’s equity section of the Balance Sheet for February 28.Jumpin-JehoSaphats has been authorized to issue 1,000,000 common shares with a Par Value of $10.Jessica had a capital account of $150,000 when the corporation was created.January 7, the company issued 300 shares @ $11/shareJanuary 15, the company issued 950 shares @ $14/shareJanuary 19, the company issued 100 shares @ $15/shareJanuary 30, the company issued 50 shares @ $12/shareFebruary 5, the company issued 200 shares @ $9/shareFebruary 9, the company issued 75 shares @ $13/shareFebruary 18, the company issued 180 shares @ $7.5/shareFebruary 22, the company issued 90 shares @$10/shareFebruary 24, the company issued 25 shares @ $8/sharePart 3. 30% Jessica is contemplating expanding the company and must determine the capitalrequirements. Using the data below, determine the amount that must be placed in reserve that willprovide the funds necessary at the expected time.Jessica has calculated that she will need $2,000,000 in 5 years. There are two different investmentsbeing considered. One pays 6% APR compounded quarterly for 5 years. The other pays 25% at the endof the 5 year period. Calculate the amount that must be invested today in each to yield the requiredamount and then recommend the better investment.Part 4. 30% Over the past 6 years Jumpin-JehoSaphats has been expanding and raising additionalcapital. The company currently has 50,000 common shares issued and outstanding.Four years ago the company issued 5,000 shares of 3% Cumulative Preferred Shares at $1000 par.In year 1 $40,000 dividends were paid.In year 2 the Board of Directors issued $75,000 dividends to be paid out.Now in the fourth year, on March 6th the Board of Directors declared a dividend of $3 per common shareto be paid on May 15th to owners of record on March 30th. Given this information determine theamount of dividends that must be paid out by the company and record all of the required journal entriesto carry out the Board’s Directive.MMKLINE

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