Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%, $50 par value preference shares. and 501.500 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Jan. 10 Issued 80,050 ordinary shares for cash at $6 per share. Mar. 1 Issued 5,930 preference shares for cash at $113 per share. Apr. 1 Issued 24,680 ordinary shares for land. The asking price of the land was $90,820; the fair value of the land was $80.050. May 1 Issued 80,050 ordinary shares for cash at $8 per share. Aug 1 Issued 9.600 ordinary shares to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 ordinary shares for cash at $10 per share. Nov. 1 Issued 1,100 preference shares for cash at $115 per share.

Sunland Corporation was organized on January 1, 2022. It is authorized to issue 9,600 shares of 8%, $50 par value preference shares. and 501.500 shares of no-par ordinary shares with a stated value of $2 per share. The following share transactions were completed during the first year. Jan. 10 Issued 80,050 ordinary shares for cash at $6 per share. Mar. 1 Issued 5,930 preference shares for cash at $113 per share. Apr. 1 Issued 24,680 ordinary shares for land. The asking price of the land was $90,820; the fair value of the land was $80.050. May 1 Issued 80,050 ordinary shares for cash at $8 per share. Aug 1 Issued 9.600 ordinary shares to attorneys in payment of their bill of $50,400 for services rendered in helping the company organize. Sept. 1 Issued 9,600 ordinary shares for cash at $10 per share. Nov. 1 Issued 1,100 preference shares for cash at $115 per 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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