Sunland Corporation was organized on January 1, 2025. It is authorized to issue 9,800 shares of 8%, $100 par value preferred stock, and 516,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. Issued 80,550 shares of common stock for cash at $7 per share. Issued 5,100 shares of preferred stock for cash at $110 per share. Issued 24,530 shares of common stock for land. The asking price of the land was $91,120; the fair value of the land was $80,550. Issued 80,550 shares of common stock for cash at $8 per share. Issued 9,800 shares of common stock to attorneys in payment of their bill of $48,000 for services rendered in helping the company organize. Issued 9,800 shares of common stock for cash at $10 per share. 1 Issued 1,060 shares of preferred stock for cash at $120 per share. May Aug. Sept. Nov. 1 1 1 1 Prepare the journal entries to record the above transactions.
Sunland Corporation was organized on January 1, 2025. It is authorized to issue 9,800 shares of 8%, $100 par value preferred stock, and 516,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 Apr. Issued 80,550 shares of common stock for cash at $7 per share. Issued 5,100 shares of preferred stock for cash at $110 per share. Issued 24,530 shares of common stock for land. The asking price of the land was $91,120; the fair value of the land was $80,550. Issued 80,550 shares of common stock for cash at $8 per share. Issued 9,800 shares of common stock to attorneys in payment of their bill of $48,000 for services rendered in helping the company organize. Issued 9,800 shares of common stock for cash at $10 per share. 1 Issued 1,060 shares of preferred stock for cash at $120 per share. May Aug. Sept. Nov. 1 1 1 1 Prepare the journal entries to record the above transactions.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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![Sunland Corporation was organized on January 1, 2025. It is authorized to issue 9,800 shares of 8%, $100 par value preferred stock,
and 516,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed
during the first year.
Issued 80,550 shares of common stock for cash at $7 per share.
Issued 5,100 shares of preferred stock for cash at $110 per share.
Issued 24,530 shares of common stock for land. The asking price of the land was $91,120; the fair value of the land
was $80,550.
Issued 80,550 shares of common stock for cash at $8 per share.
Issued 9,800 shares of common stock to attorneys in payment of their bill of $48,000 for services rendered in helping
the company organize.
Sept.
Issued 9,800 shares of common stock for cash at $10 per share.
Nov. 1 Issued 1,060 shares of preferred stock for cash at $120 per share.
Jan. 10
Mar. 1
Apr.
May
Aug.
1
1
1
1
Prepare the journal entries to record the above transactions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42077dd4-5a93-4885-bc7c-dca1203ecd7a%2F36802a98-9650-4957-90fb-3317831e084c%2Fbb7s8lq_processed.png&w=3840&q=75)
Transcribed Image Text:Sunland Corporation was organized on January 1, 2025. It is authorized to issue 9,800 shares of 8%, $100 par value preferred stock,
and 516,800 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed
during the first year.
Issued 80,550 shares of common stock for cash at $7 per share.
Issued 5,100 shares of preferred stock for cash at $110 per share.
Issued 24,530 shares of common stock for land. The asking price of the land was $91,120; the fair value of the land
was $80,550.
Issued 80,550 shares of common stock for cash at $8 per share.
Issued 9,800 shares of common stock to attorneys in payment of their bill of $48,000 for services rendered in helping
the company organize.
Sept.
Issued 9,800 shares of common stock for cash at $10 per share.
Nov. 1 Issued 1,060 shares of preferred stock for cash at $120 per share.
Jan. 10
Mar. 1
Apr.
May
Aug.
1
1
1
1
Prepare the journal entries to record the above transactions.
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