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Can you please help? Exercise 244 (Part Level Submission) Sunland Company's stockholders' equity section at December 31, 2019, appears below Stockholder's equity Paid-in capital Common
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Exercise 244 (Part Level Submission) Sunland Company's stockholders' equity section at December 31, 2019, appears below Stockholder's equity Paid-in capital Common stock, $10 par, 87,000 outstanding $870,000 Paid-in capital in excess of par 162,000 Total paid-in capital $1,032,000 Retained earnings 156,000 Total stockholder's equity $1,188,000 On June 30, 2020, the board of directors of Sunland Company declared a 15% stock dividend, payable on July 31, 2020, to stockholders of record on July 15 2020. The fair value of Sunland Company's stock on June 30, 2020, was $17. On December 1, 2020, the board of directors declared a 2-for-1 stock split effective December 15, 2020. Sunland Company's stock was selling for $18 on December 1, 2020, before the stock split was declared. Par value of the stock was adjusted. Net income for 2020 was $224,000 and there were no cash dividends declared Account Titles and Explanation Credit Date DebitStep by Step Solution
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