Sunland Corporation was organized on January 1, 2025. It is authorized to issue 9,800 shares of...

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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. Jan. 10 Mar. 1 Apr. 1 May Aug. 1 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 1 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. 1 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. Date Prepare the journal entries to record the above transactions. (List oll 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 0 for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Debit Credit Question 2 of 4 View Policies a. Current Attempt in Progress Novak Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2025, Novak took part in the following selected transactions. b. C. Next question d. -/25 E Issued 4,700 shares of stock at $46 per share, less costs related to the issuance of the stock totaling $6,800. Issued 1,200 shares of stock for land appraised at $45,000. The stock was actively traded on a national stock exchange at approximately $47 per share on the date of issuance. Purchased 500 shares of treasury stock at $45 per share. The treasury shares purchased were issued in 2021 at $42 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account tities 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) No. Account Titles and Explanation Debit Credit quity Question 3 of 4 View Policies Current Attempt in Progress The stockholders' equity accounts of Kingbird Company have the following balances on December 31, 2025, Common stock, $10 par, 323,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings a. < b. 6 C a. (1) Shares of Kingbird Company stock are currently selling on the Midwest Stock Exchange at $38. Prepare the appropriate journal entries for each of the following cases. (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) A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation $3,230,000 1,250,000 5,590,000 Debit MacBook Air -725 Credit E ⠀ Question 4 of 4 < Swifty Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par ( 10,000 shares authorized, 1,800 shares issued) Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) Additional paid-in capital Retained earnings Total 1. 2. 3. 4. 5. During 2025, Swifty took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 6. 7. $180,000 101,500 130,000 486,000 MacBook Air -/25 $897,500 Purchased 1,800 shares of its own outstanding common stock for $41 per share. Swifty uses the cost method. Reissued 700 treasury shares for land valued at $31,400. Issued 510 shares of preferred stock at $104 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. Issued the stock dividend. Declared the annual 2025 59 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026. ⠀ View Policies Current Attempt in Progress 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 Apr. May Aug 1 1 1 1 Sept. 1 Nov. 1 Isted 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. 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) Account Titles and Explanation Date Debit Credit 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. 1 May Aug. 1 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 1 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. 1 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. Date Prepare the journal entries to record the above transactions. (List oll 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 0 for the amounts. Record entries in the order displayed in the problem statement.) Account Titles and Explanation Debit Credit Question 2 of 4 View Policies a. Current Attempt in Progress Novak Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2025, Novak took part in the following selected transactions. b. C. Next question d. -/25 E Issued 4,700 shares of stock at $46 per share, less costs related to the issuance of the stock totaling $6,800. Issued 1,200 shares of stock for land appraised at $45,000. The stock was actively traded on a national stock exchange at approximately $47 per share on the date of issuance. Purchased 500 shares of treasury stock at $45 per share. The treasury shares purchased were issued in 2021 at $42 per share. Retired the treasury shares purchased in part (c). Prepare the journal entries to record these transactions using the cost method. (List all debit entries before credit entries. Credit account tities 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) No. Account Titles and Explanation Debit Credit quity Question 3 of 4 View Policies Current Attempt in Progress The stockholders' equity accounts of Kingbird Company have the following balances on December 31, 2025, Common stock, $10 par, 323,000 shares issued and outstanding Paid-in capital in excess of par-common stock Retained earnings a. < b. 6 C a. (1) Shares of Kingbird Company stock are currently selling on the Midwest Stock Exchange at $38. Prepare the appropriate journal entries for each of the following cases. (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) A stock dividend of 5% is (1) declared and (2) issued. A stock dividend of 100% is (1) declared and (2) issued. A2-for-1 stock split is (1) declared and (2) issued. No. Account Titles and Explanation $3,230,000 1,250,000 5,590,000 Debit MacBook Air -725 Credit E ⠀ Question 4 of 4 < Swifty Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet. Preferred stock, 9%, $100 par ( 10,000 shares authorized, 1,800 shares issued) Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) Additional paid-in capital Retained earnings Total 1. 2. 3. 4. 5. During 2025, Swifty took part in the following transactions concerning stockholders' equity. Paid the annual 2024 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2024. 6. 7. $180,000 101,500 130,000 486,000 MacBook Air -/25 $897,500 Purchased 1,800 shares of its own outstanding common stock for $41 per share. Swifty uses the cost method. Reissued 700 treasury shares for land valued at $31,400. Issued 510 shares of preferred stock at $104 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. Issued the stock dividend. Declared the annual 2025 59 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2026. ⠀ View Policies Current Attempt in Progress 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 Apr. May Aug 1 1 1 1 Sept. 1 Nov. 1 Isted 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. 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) Account Titles and Explanation Date Debit Credit

Answer rating: 100% (QA)

Journal Entries Date Account Debit Credit Description Jan 1 Cash 563850 Common Stock Issued 80550 shares of ... View the full answer