Exercise 11-2 Sunland Company had these transactions during the current period.

Question

Exercise 11-2 Sunland Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125 July 11 Issued 3,450 shares of $101 par value preferred stock for cash at $105 per share Nov. 28 Purchased 2,950 shares of treasury stock for $8,450 Prepare the our al entries or the Sunland Company transactions shown above. (Record jour a, entries in the order presented n the problem Credit accoun titles are a ton a ca 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.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date Account Titles and Explanation Debit Credit June 12 Cash 313,125 Common Stock ( $ 1 *83,500) 83,500 Paid-In- Capital In Excess of Par- Common Stock ( $ 313,125 - $ 83,500) 229,625 July 11 Cash( $ 105 * 3,450) 362,250 Preferred Stock ( $ 100 * 3,450) 345,000 Paid in Capital Excess of Par - Preferred Stock ( 3,450 *$ 5) 17,250 Nov28 Treasury Stock 8,450 Cash 8,450

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