Question 1 Sunland Corporation issued 335 shares of $10 par value common stock a

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Question 1

Sunland Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value preferred stock for a lump sum of $15,300. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when 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.

Question 1

Sunland Corporation issued 335 shares of $10 par value common stock and 103 shares of $50 par value preferred stock for a lump sum of $15,300. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.

Prepare the journal entry to record the issuance. (Round intermediate calculations to 6 decimal places, e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520. Credit account titles are automatically indented when 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.

Explanation / Answer

Value Shares Market Price Total Price % Allocated Common Stock 335 20 $6,700 39.411765 $6,030 Preferred Stock 103 100 $10,300 60.588235 $9,270 $17,000 100.000000 $15,300

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