Sunland Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 159,600 shares Common Stock, 1,970,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings Jan. 1 Feb. 1 June 1 The following transactions affected stockholders' equity during 2026. July 1 Sept. 15 Dec. 31 $3,192,000 9,850,000 Dec. 31 193,000 27,534,000 4,424,000 29,100 shares of preferred stock issued at $22 per share. 47,100 shares of common stock issued at $20 per share. 2-for-1 stock split (par value reduced to $2.50). 32,500 shares of common treasury stock purchased at $11 per share. Sunland uses the cost method. 10,400 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 46¢ per share is declared. Net income is $2,112,000. Prepare the stockholders' equity section for Sunland Company at December 31, 2026. (Enter account name only and do not provide descriptive information.)
Sunland Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders' equity. Preferred Stock, 159,600 shares Common Stock, 1,970,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings Jan. 1 Feb. 1 June 1 The following transactions affected stockholders' equity during 2026. July 1 Sept. 15 Dec. 31 $3,192,000 9,850,000 Dec. 31 193,000 27,534,000 4,424,000 29,100 shares of preferred stock issued at $22 per share. 47,100 shares of common stock issued at $20 per share. 2-for-1 stock split (par value reduced to $2.50). 32,500 shares of common treasury stock purchased at $11 per share. Sunland uses the cost method. 10,400 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 46¢ per share is declared. Net income is $2,112,000. Prepare the stockholders' equity section for Sunland Company at December 31, 2026. (Enter account name only and do not provide descriptive information.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sunland Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the
following accounts were included in stockholders' equity.
Preferred Stock, 159,600 shares
Common Stock, 1,970,000 shares
Paid-in Capital in Excess of Par-Preferred Stock
Paid-in Capital in Excess of Par-Common Stock
Retained Earnings
Jan. 1
Feb. 1
June 1
July 1
Sept. 15
Dec. 31
$3,192,000
The following transactions affected stockholders' equity during 2026.
Dec. 31
9,850,000
193,000
27,534,000
4,424,000
29,100 shares of preferred stock issued at $22 per share.
47,100 shares of common stock issued at $20 per share.
2-for-1 stock split (par value reduced to $2.50).
32,500 shares of common treasury stock purchased at $11 per share. Sunland uses the cost method.
10,400 shares of treasury stock reissued at $12 per share.
The preferred dividend is declared, and a common dividend of 46¢ per share is declared.
Net income is $2,112,000.
Prepare the stockholders' equity section for Sunland Company at December 31, 2026. (Enter account name only and do not provide
descriptive information.)
SUNLAND COMPANY
Stockholders' Equity
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