ch 11(part 2)

On December 31,2024, Sunland Company had 1,360,000 shares of $5 par common stock issued and outstanding. At December 31 . 2024, stockholders' equity had the amounts listed here. Transactions during 2025 and other information related to stockhoider' equity accounts were as follows. 1. On January 10 , issued at $105 per share 111,000 shares of $100 par value, 9% cumulative preferred stock. 2. On February 8 , reacquired 14,100 shares of its common stock for $10 per share. 3. On May 9 , declared the yearly cash dividend on preferred stock, payable June 10 , to stockholders of record on May 31. 4. On June 8, declared a cash dividend of $1.80 per share on the common stock outstanding. payable on July 10 to stockholders of record on July 1. 5. Net income for 2025 was $3,695,000. Record the journal entries that are required for items 1-5 above. (Record entries in the order displayed in the problem statement. 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 tities and enter O for the amounts. List all debit entries before credit entries.) Jun. 8 Cash Dividends 2422620 Dividends Payable 2422620 Jun. 10 Dividends Payable 999000 Cash 999000 Jul. 10 Dividends Payable 2422620 Cash 2422620 Dec 31 Income Summary 3695000 \begin{tabular}{r} \hline 2422620 \\ \hline 3695000 \end{tabular} Retained Earnings \begin{tabular}{r} \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} (To close net income) Dec 31 Retained Earnings 3421620 Cash Dividends \begin{tabular}{r} 421620 \\ \hline \end{tabular} (To close cash dividends) Prepare the stockholders' equity section of Sunland 's balance sheet at December 31, 2025. (Enter account name only and do not