Sunland Company is authorized to issue 9,000 shares of 7%, $100 par value preferred stock and 505000 shares of no-par common stock with a stated value of $1 per share. If Sunland issues 4500 shares of preferred stock for land with an asking price of $572000 and a market value of $546000, which of the following would be the journal entry for Sunland to record?

Organization Expense	38600
Common Stock		9000
Paid-in Capital in Excess of Par – Preferred		29600

Organization Expense	38600
Common Stock		9000
Paid-in Capital in Excess of Stated Value – Common		29600

Organization Expense	38600
Common Stock		38600

Organization Expense	9000
Common Stock		9000

Answer rating: 100% (QA)

Sunland issues 9000 shares of common stock to pay its recent ... View the full answer