Sunland Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $2,900,000 1,000,000 740,000 Record the following transactions by the cost method. (List all debit entries before credit entries. 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) (a) (b) (c) Bought 7,900 shares of its common stock at $30 a share. Sold 3,900 treasury shares at $31 a share Sold 2,000 shares of treasury stock at $26 a share.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sunland Company's balance sheet shows:
Common stock, $20 par
Paid-in capital in excess of par
Retained earnings
$2,900,000
1,000,000
740,000
Record the following transactions by the cost method. (List all debit entries before credit entries. 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)
(a)
(b)
(c)
Bought 7,900 shares of its common stock at $30 a share.
Sold 3,900 treasury shares at $31 a share
Sold 2,000 shares of treasury stock at $26 a share.
Transcribed Image Text:Sunland Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings $2,900,000 1,000,000 740,000 Record the following transactions by the cost method. (List all debit entries before credit entries. 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) (a) (b) (c) Bought 7,900 shares of its common stock at $30 a share. Sold 3,900 treasury shares at $31 a share Sold 2,000 shares of treasury stock at $26 a share.
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