B required

Sunland Corporation was organized on January 1, 2022. It is authorized to issue 18,800 shares of $3-noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the first year.

Jan.	1		Issued 75,200 common shares for cash at $3 per share.
Mar.	1		Issued 11,000 preferred shares for cash at $54 per share.
May	1		Issued 112,800 common shares for cash at $5 per share.
Sept.	1		Issued 4,700 common shares for cash at $6 per share.
Nov.	1		Issued 3,100 preferred shares for cash at $56 per share.
Dec.	1		Declared the annual preferred dividend to the preferred shareholders, to shareholders of record on December 15, payable on January 15, 2023.
Dec.	31		Reported net income of $138,600 for the year.

(a)

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Record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1Mar. 1May 1Sept. 1Nov. 1Dec. 1Dec. 15	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

List of Accounts

Attempts: 1 of 1 used

Question Part Score

0/9

(b)

Record the closing entries for dividends and for the income summary account. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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
Dec. 31	enter an account title to close cash dividends on december 31	enter a debit amount	enter a credit amount
	enter an account title to close cash dividends on december 31	enter a debit amount	enter a credit amount
	(To close cash dividends)
31	enter an account title to close profit / loss	enter a debit amount	enter a credit amount
	enter an account title to close profit / loss	enter a debit amount	enter a credit amount
	(To close profit / loss)