On March 8, Sheridan inc., a publicly traded company, issued 5,800 preferred shares for cash of...

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On March 8, Sheridan inc., a publicly traded company, issued 5,800 preferred shares for cash of $29 per share. On April 20, when the shares were trading at $34, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $107,400. (a) Your answer is correct. Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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.) (b) Date Account Titles Mar. 8 Cash Preferred Shares April 20 Land Preferred Shares eTextbook and Media List of Accounts Debit 168,200 107,400 Credit 168,200 107,400 Attempts: 1 of 3 used Prepare the journal entry if you were unable to determine the land's fair value on April 20. (List debit entry before credit entry. 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.) Date Account Titles April 20 Debit Credit On March 8, Sheridan inc., a publicly traded company, issued 5,800 preferred shares for cash of $29 per share. On April 20, when the shares were trading at $34, the company issued an additional 3,000 preferred shares in exchange for land with a fair value of $107,400. (a) Your answer is correct. Prepare the journal entries for each transaction. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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.) (b) Date Account Titles Mar. 8 Cash Preferred Shares April 20 Land Preferred Shares eTextbook and Media List of Accounts Debit 168,200 107,400 Credit 168,200 107,400 Attempts: 1 of 3 used Prepare the journal entry if you were unable to determine the land's fair value on April 20. (List debit entry before credit entry. 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.) Date Account Titles April 20 Debit Credit