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I need help with this please Before preparing financial statements for the current year, the chief accountant for Sunland Ltd. provided the following information regarding
I need help with this please
Before preparing financial statements for the current year, the chief accountant for Sunland Ltd. provided the following information regarding the accounting for dividends and stock splits: 1. Sunland has 17,600,$4 noncumulative preferred shares issued. It paid the preferred shareholders the quarterly oividend and recorded it as a debit to Dividends Expense and a credit to Cash 2. A 596 stock dividend (2.000 shares) was declared on the common shares when the fair value per share was $13. To record the declaration, fietained Farnings was debited and Dividends Payable was credited, The shares have not been issued yet: 3. The company declared a 2-for-1 stock split on its 17.000,54 noncumulative preferred shares. The averape per share amount of the preferred shares before thesplit was \$70. The split was recorded as a debit to Retained Earnings of $1,232,000 and a credit to Preferred \$hares of $1.232,000. Determine if each of the above transactions was recorded correctly and. if not, prepare the correct entry. (Credit occount titles are dutomaticaliy Indented when the ameunt is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List alf dehit entries berort eredit antries) Question 2 of 6 Correctly recorded? 1. 2. 3. No. Date Account Titles Debit Creclit 1. Dec. 31 2. Dec, 31 Q.) pipt 14_cob (1) ppti ACC 220 Lab 6 2. Dec. 31 3. Dec, 31 Textbook and Media ist of Accounts Attempts: 0 of 2 used Step by Step Solution
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