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. 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. 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. 1 Issued 1,060 shares of preferred stock for cash at $120 per share. May Aug. Sept. Nov. 1 1 1 1 Prepare the journal entries to record the above transactions.
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. 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. 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. 1 Issued 1,060 shares of preferred stock for cash at $120 per share. May Aug. Sept. Nov. 1 1 1 1 Prepare the journal entries to record the above transactions.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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