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Current Attempt in Progress The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 145,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,700 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: Feb. Mar. June 11 Issued 48,500 common shares at $19 per share. 2 Reacquired 19,200 common shares at $21 per share. 14 July 25 Sept. 16 Oct. 27 $2,182,500 352,500 29,400 1,257,000 Split the common shares 2 for 1 when the common shares were trading at $29 per share. Reacquired 350 preferred shares at $70 per share. Reacquired 48,500 common shares for $16 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $18 per share.

Current Attempt in Progress The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 145,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,700 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: Feb. Mar. June 11 Issued 48,500 common shares at $19 per share. 2 Reacquired 19,200 common shares at $21 per share. 14 July 25 Sept. 16 Oct. 27 $2,182,500 352,500 29,400 1,257,000 Split the common shares 2 for 1 when the common shares were trading at $29 per share. Reacquired 350 preferred shares at $70 per share. Reacquired 48,500 common shares for $16 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $18 per share.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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View Policies Current Attempt in Progress The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 145,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,700 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: Mar. 2 Dec. Feb. 11 Issued 48,500 common shares at $19 per share. Reacquired 19,200 common shares at $21 per share. Split the common shares 2 for 1 when the common shares were trading at $29 per share. 25 Reacquired 350 preferred shares at $70 per share. Reacquired 48,500 common shares for $16 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $18 per share. June July Sept. 16 Oct. 27 14 $2,182,500 13 352,500 29,400 1,257,000 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $20 per share.
Transcribed Image Text:View Policies Current Attempt in Progress The following shareholders' equity accounts are reported by Sunland Inc. on January 1: Common shares (unlimited authorized, 145,500 issued) Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,700 issued) Contributed surplus-reacquisition of common shares Retained earnings The following selected transactions occurred during the year: Mar. 2 Dec. Feb. 11 Issued 48,500 common shares at $19 per share. Reacquired 19,200 common shares at $21 per share. Split the common shares 2 for 1 when the common shares were trading at $29 per share. 25 Reacquired 350 preferred shares at $70 per share. Reacquired 48,500 common shares for $16 per share. Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $18 per share. June July Sept. 16 Oct. 27 14 $2,182,500 13 352,500 29,400 1,257,000 Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $20 per share.
Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,276. List all debit entries before credit entries.) Date !! Account Titles eTextbook and Media Debit ▪▪▪▪▪▪ Credit
Transcribed Image Text:Prepare journal entries for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,276. List all debit entries before credit entries.) Date !! Account Titles eTextbook and Media Debit ▪▪▪▪▪▪ Credit
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