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 Issued 80,550 shares of common stock for cash at $7 per share. Mar. 1 Issued 5,100 shares of preferred stock for cash at $110 per share. Apr. 1 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. May 1 Issued 80,550 shares of common stock for cash at $8 per share. Aug. 1 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. 1 Nov. 1 Issued 9,800 shares of common stock for cash at $10 per share. Issued 1,060 shares of preferred stock for cash at $120 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Cre
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 Issued 80,550 shares of common stock for cash at $7 per share. Mar. 1 Issued 5,100 shares of preferred stock for cash at $110 per share. Apr. 1 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. May 1 Issued 80,550 shares of common stock for cash at $8 per share. Aug. 1 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. 1 Nov. 1 Issued 9,800 shares of common stock for cash at $10 per share. Issued 1,060 shares of preferred stock for cash at $120 per share. Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Cre
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Jan. 10
Issued 80,550 shares of common stock for cash at $7 per share.
Mar. 1
Issued 5,100 shares of preferred stock for cash at $110 per share.
Apr. 1
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.
May
1
Issued 80,550 shares of common stock for cash at $8 per share.
Aug. 1
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. 1
Nov. 1
Issued 9,800 shares of common stock for cash at $10 per share.
Issued 1,060 shares of preferred stock for cash at $120 per share.
Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries
in the order displayed in the problem statement.)
Date
Account Titles and Explanation
Debit
Cre
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