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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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