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The stockholders' equity accounts of Sunland Corporation on January 1, 2025, were as follows. Preferred Stock (8 %, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7,800 common shares) $415,000 1,400,000 57,000 870,000 740,000 62,400

The stockholders' equity accounts of Sunland Corporation on January 1, 2025, were as follows. Preferred Stock (8 %, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7,800 common shares) $415,000 1,400,000 57,000 870,000 740,000 62,400

FINANCIAL ACCOUNTING
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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The stockholders' equity accounts of Sunland Corporation on January 1, 2025, were as follows. Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7.800 common shares) Mar. 1 June 22 Sept. 1 Oct. 1 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Dec. 1 31 Date: C Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (Record journal entries in the order presented in the problem. 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 O for the amounts. List all debit entries before credit entries.) 0 O O O Issued 6,800 shares of common stock for $80 per share. Purchased 2,000 additional shares of common treasury stock at $11 per share. Declared an 8% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2025. Determined that net income for the year was $123,000. Paid the dividend declared on December 1. Account Titles and Explanation $415,000 1,400,000 57,000 (To close net income). 870,000 740,000 62,400 (To close dividends) (To record payment of the dividend declared on December 1) Debit Credit SUPPOR
Transcribed Image Text:The stockholders' equity accounts of Sunland Corporation on January 1, 2025, were as follows. Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($10 stated value, 800,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7.800 common shares) Mar. 1 June 22 Sept. 1 Oct. 1 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Dec. 1 31 Date: C Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (Record journal entries in the order presented in the problem. 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 O for the amounts. List all debit entries before credit entries.) 0 O O O Issued 6,800 shares of common stock for $80 per share. Purchased 2,000 additional shares of common treasury stock at $11 per share. Declared an 8% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2025. Determined that net income for the year was $123,000. Paid the dividend declared on December 1. Account Titles and Explanation $415,000 1,400,000 57,000 (To close net income). 870,000 740,000 62,400 (To close dividends) (To record payment of the dividend declared on December 1) Debit Credit SUPPOR
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