Sunland Company had the following Shareholders' Equity accounts as of May 1, 2023: Share capital: Preferred shares, 120,000 issued and outstanding Class A common shares, 160,000 issued and outstanding Class B common shares, 260,000 issued and outstanding Retained earnings Total shareholders' equity $1,446,000 872,000 1,547,000 3,275,000 $7,140,000 On June 10, Sunland reacquired and cancelled 2,100 Class A common shares at a cost of $4.60 per share. On August 26, 2023, Sunland issued 4,200 Class A common shares for $8.80 each. On September 30, the company reacquired and cancelled another 2,100 Class A common shares at $8.80 per share.
Sunland Company had the following Shareholders' Equity accounts as of May 1, 2023: Share capital: Preferred shares, 120,000 issued and outstanding Class A common shares, 160,000 issued and outstanding Class B common shares, 260,000 issued and outstanding Retained earnings Total shareholders' equity $1,446,000 872,000 1,547,000 3,275,000 $7,140,000 On June 10, Sunland reacquired and cancelled 2,100 Class A common shares at a cost of $4.60 per share. On August 26, 2023, Sunland issued 4,200 Class A common shares for $8.80 each. On September 30, the company reacquired and cancelled another 2,100 Class A common shares at $8.80 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Sunland Company had the following Shareholders' Equity accounts as of May 1, 2023:
Share capital:
Preferred shares, 120,000 issued and outstanding
Class A common shares, 160,000 issued and outstanding
Class B common shares, 260,000 issued and outstanding
Retained earnings
Total shareholders' equity
$1,446,000
872,000
1,547,000
3,275,000
$7,140,000
On June 10, Sunland reacquired and cancelled 2,100 Class A common shares at a cost of $4.60 per share. On August 26, 2023, Sunland
issued 4,200 Class A common shares for $8.80 each. On September 30, the company reacquired and cancelled another 2,100 Class A
common shares at $8.80 per share.
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