On January 1, 2022, Sunland Company had the following stockholders' equity accounts. Common Stock ($20 par value, 61,400 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 $1,228,000 194,000 556,000 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $320,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
On January 1, 2022. Sunland Company had the following stockholders' equity accounts.
Common Stock ($20 par value, 61,400 shares issued and outstanding)
Paid-in Capital in Excess of Par-Common Stock I
Retained Earnings
During the year, the following transactions occurred.
Feb. 1
Mar. 1
Apr. 11
July 1
31
Dec. 1
31
$1,228,000
194,000
556,000
Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1.
Paid the dividend declared in February.
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of
the stock was $14 per share.
Issued the shares for the stock dividend.
Declared a $0,50 per share dividend to stockholders of record on December 15, payable January 5, 2023.
Determined that net income for the year was $320,000.
Transcribed Image Text:On January 1, 2022. Sunland Company had the following stockholders' equity accounts. Common Stock ($20 par value, 61,400 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock I Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 11 July 1 31 Dec. 1 31 $1,228,000 194,000 556,000 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0,50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $320,000.
Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note: Open additional
stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for
closing balances even in case of zero balance)
Dec. 31
Dec. 31
July 1
Dec 31 Bal v
Feb. 1
Dec. 1
Dec. 31
July 1
Dec 31 Bal
Common Stock
171,920
Retained Earnings
251,740
122,800
122,800
July 31
Dec 31 Bal
Paid-in Capital in Excess of Par-Common Stock
184,200
67.540
Dec. 31
Dec 31 Bat
Common Stock Dividends Distributable
171.920
July 1
Cash Dividends
Dec. 31 Bal
Dec 31
Stock Dividends
V
Dec. 31 Bal V
Dec 31
Dec 31 Bal
V
122,800
122.800
320,000
49,120
49,120
251.740
171.920
Transcribed Image Text:Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance) Dec. 31 Dec. 31 July 1 Dec 31 Bal v Feb. 1 Dec. 1 Dec. 31 July 1 Dec 31 Bal Common Stock 171,920 Retained Earnings 251,740 122,800 122,800 July 31 Dec 31 Bal Paid-in Capital in Excess of Par-Common Stock 184,200 67.540 Dec. 31 Dec 31 Bat Common Stock Dividends Distributable 171.920 July 1 Cash Dividends Dec. 31 Bal Dec 31 Stock Dividends V Dec. 31 Bal V Dec 31 Dec 31 Bal V 122,800 122.800 320,000 49,120 49,120 251.740 171.920
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education