The following data were taken from the balance sheet accounts of Sunland Corpora

Question

The following data were taken from the balance sheet accounts of Sunland Corporation on December 31, 2016.

Prepare the required journal entries for the following unrelated items. (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.)

please show work (:

Current assets $530,000 Debt investments 651,000 Common stock (par value $10) 502,000 Paid-in capital in excess of par 152,000 Retained earnings 826,000

Explanation / Answer

No of shares outstanding = 502,000/10 = 50200

S No Journal Debit Credit a Retained Earning
(50200*6%*34) 102408 Common Stock dividend distributable
(50200*6%*10) 30120 Paid in Capital
(Bal. Fig.) 72288 b No entry to record a stock spilt c Investment in bonds (124000-104000) 20000 Gain on Investments 20000 Retained Earnings 124000 Property dividend payable 124000 Property dividend payable 124000 Investment in bonds 124000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.