On January 1, 2025, Sunland Corporation had 91.200 shares of $1 par value common stock issued and outstanding, During the year,the following transactions occurred:Mar 1June 1June 30 Paid the $2 cash dividend.Issued 106,200 shares of common stock for $796.500.Declared a cash dividend of $2 per share to stockholders of record on June 15Dec.Purchased 5,900 shares of common stock for the treasury for $18 per share.Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.15Net Income for 2025 totaled $1.072.500.Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Donot indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titlesand enter O for the amounts. List all debit entries before credit entries)

Journal Entries -Journal Entries are the records of the transactions that entered into by the…

Answered: On January 1, 2025, Sunland Corporation…

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 On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500. Save for Later Attempts: 0 of 1 used Submit Answer
Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000
Current Attempt in Progress On January 1, Ivanhoe Corporation had 91,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 21,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. 1 (a) 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 2,500 additional shares of common stock for $18 per share. Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
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On January 1, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding
Vishal
4 minutes Gross Company has 300,000 common shares outstanding on 1/1/21. During 2021, Gross undertook the following stock transactions: April 1 issued a 20% stock dividend, October 1 reacquired 10,000 shares for the treasury. Determine the weighted-average number of common shares outstanding for Gross Company. O 357,500. O 350,000. 360,000. 362,500.
Am. 13.
j
On January 1, 2018, Vermont Maple Corp. had 2,650,000 shares of commons stock issued and outstanding. During 2018, it had the following transactions that affected the common stock account:
Current Attempt in Progress On January 1, 2021, Elkhardt Corporation, a publicly traded company, had the following shareholders' equity accounts: Common shares (unlimited number of shares authorized, 48,400 shares issued) $1,936.000 Retained earnings 1,249,600 Accumulated other comprehensive income 59,840 During the year, the following transactions occurred: Jan. 15 Declared a $1.25 per share cash dividend to shareholders of record on January 31, payable February 15. Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $12, $11.80, and $11.90, respectively. Apг. 16 Oct. Effected a 2-for-1 stock split. On October 1, the share price was $15. Dec. 31 Determined that net income for the year was $552,640. (a) Record the above transactions, including any required entries to close dividends and net income. (List all debit entries before credit entries. Credit account titles are automatically…

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