Sunland Company's balance sheet shows: Common stock, $20 par $3,200,000 Paid-in capital in excess of par 1,010,000 Retained earnings 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Bought 7,800 shares of its common stock at $36 a share. (b) Sold 4,100 treasury shares at $38 a share. (c) Sold 1,900 shares of treasury stock at $31a share.

Sunland Company's balance sheet shows: Common stock, $20 par $3,200,000 Paid-in capital in excess of par 1,010,000 Retained earnings 790,000 Record the following transactions by the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Bought 7,800 shares of its common stock at $36 a share. (b) Sold 4,100 treasury shares at $38 a share. (c) Sold 1,900 shares of treasury stock at $31a share.

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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