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On January 1 , 2 0 2 4 , Sunland Ltd . had the following shareholders' equity accounts: Common shares ( 9 0 0 ,
On January
Sunland Ltd
had the following shareholders' equity accounts:
Common shares
issued
$
Retained earnings
The compary was also authorized to issue an unlimited number of $
noncumulative preferred shares. As at January
none
Jan.
Issued
preferred shares for $
per share.
Mar.
Paid quarterly dividend to preferred shareholders.
June
Paid quarterly dividend to preferred shareholders.
Aug.
Issued
common shares for $
per share.
Sept.
Paid quarterly dividend to preferred shareholders.
Dec.
Paid quarterly dividend to preferred shareholders and a $
per share dividend to the common shareholders.
Dec.
Loss for the year was $
Journalize the transactions and the entries to close dividends and the Income Summary account.
Credit account tittes are
automatically indented when the amount is entered Do not indent manuall, If no entry is required, select
No Entry" for the occount titles
and enter Ofor the omounts. Record journal entries in the arder presented in the problem. List all debit entries before credit entries
Question Part Score
Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the
previous part.
Post entries in the order of journal entries presented in the previous part.
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