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Current Attempt in Progress Sunland Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders.

Current Attempt in Progress
Sunland Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Sunland's fiscal year ends May 31. The following information is available.
Income from operations before income tax for Sunland was $1,400,000 and $1,800,000, respectively, for the fiscal years ended May 31,2024 and 2023.
Sunland experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3,2024.
A 20% combined income tax rate applies to all of Sunland's profits, gains, and losses.
Sunland's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options.
Sunland issued 149,000$10 par value, 5% cumulative preferred shares in 2016. All of these shares are outstanding, and no preferred dividends are in arrears.
There were 1.30 million common shares outstanding on June 1,2022. On September 1,2022, Sunland sold an additional 400,000 common shares at $20 per share. Sunland distributed a 20% stock dividend on the common shares outstanding on December 1,2023.
These were the only common share transactions during the past two fiscal years.
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