Sunland Corporation, a publicly traded company, was incorporated on May 1, 2024. It is authorized to...

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Sunland Corporation, a publicly traded company, was incorporated on May 1, 2024. It is authorized to issue an unlimited number of $2 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: May 5 Issued 750,000 common shares for $4 per share. July 1 Issued 35,800 preferred shares for $40 per share. Sept. 1 Issued 44,000 common shares for $264,000. Oct. 1 Issued 249,000 common shares for $5 per share. Nov. Jan. 5 Mar. Apr. 1 25 15 30 Repurchased and retired 26,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 14,400 common shares for $7 per share. Repurchased and retired 9,400 common shares at $6 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 6,200 preferred shares for $60 per share. Declared a $84,000 cash dividend to the preferred shareholders, to shareholders of record on April 30, payable on May 15. Reported net income of $6 million for the year. (a) Your answer is partially correct. Record the above transactions for 2024, including any required entries to close dividends declared and net income. (Record journal entries in the order presented in the problem. 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. Round average cost per share to 2 decimal places, e.g. 2.25 and final answers to O decimal places.) Transaction entries: Date Account Titles May 5 Cash Common Shares uly 1 Cash Preferred Shares Cash Common Shares Oct. 1 Cash Common Shares Nov. 16 Common Shares Stock Dividends Distributable Cash Cash Common Shares ar. 1 Common Shares Apr. 15 Apr. 30 Closing entries: Debit Credit 3000000 1432000 264000 1245000 112320 98000 40984 Stock Dividends Distributable 7708 Retained Earnings Cash Cash Preferred Shares Dividends Declared Dividends Payable No Entry No Entry 7708 372000 84000 Date Account Titles and Explanation Debit CI Cash Dividends Declared (To close cash dividends) (To close profit) Sunland Corporation, a publicly traded company, was incorporated on May 1, 2024. It is authorized to issue an unlimited number of $2 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: May 5 Issued 750,000 common shares for $4 per share. July 1 Issued 35,800 preferred shares for $40 per share. Sept. 1 Issued 44,000 common shares for $264,000. Oct. 1 Issued 249,000 common shares for $5 per share. Nov. Jan. 5 Mar. Apr. 1 25 15 30 Repurchased and retired 26,000 common shares at $4 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 14,400 common shares for $7 per share. Repurchased and retired 9,400 common shares at $6 per share. Determine the average cost of each repurchased share to the nearest cent before recording this transaction. Issued 6,200 preferred shares for $60 per share. Declared a $84,000 cash dividend to the preferred shareholders, to shareholders of record on April 30, payable on May 15. Reported net income of $6 million for the year. (a) Your answer is partially correct. Record the above transactions for 2024, including any required entries to close dividends declared and net income. (Record journal entries in the order presented in the problem. 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. Round average cost per share to 2 decimal places, e.g. 2.25 and final answers to O decimal places.) Transaction entries: Date Account Titles May 5 Cash Common Shares uly 1 Cash Preferred Shares Cash Common Shares Oct. 1 Cash Common Shares Nov. 16 Common Shares Stock Dividends Distributable Cash Cash Common Shares ar. 1 Common Shares Apr. 15 Apr. 30 Closing entries: Debit Credit 3000000 1432000 264000 1245000 112320 98000 40984 Stock Dividends Distributable 7708 Retained Earnings Cash Cash Preferred Shares Dividends Declared Dividends Payable No Entry No Entry 7708 372000 84000 Date Account Titles and Explanation Debit CI Cash Dividends Declared (To close cash dividends) (To close profit)