Practice Exercise 4 Sunland Company had these transactions during the current period. June 12 Issued 84,000 shares of $1 par value common stock for cash of $315,000. July 11 Issued 4,000 shares of $105 par value preferred stock for cash at $113 per share. Nov. 28 Purchased 3,100 shares of treasury stock for $7,700. Prepare a tabular summary to record the Sunland Company transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Paid-in-Capital Retained Earnings Cash Common Stock PIC in Excess ess + of Par Com. Pref. Stock PIC in Excess + of Par Pref. Treasury Stock + Revenue - Expense - Dividend June 22 $ $ HA $ ta $ July 11 Nov. 28 Click if you would like to Show Work for this question: Open Show Work Practice Exercise 3 On August 1, 2017, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruce's year-end is December 31. Prepare a tabular summary to record the following events. (a) (b) (c) The issuance of the bonds. The accrual of interest on December 31, 2017. The payment of interest on August 1, 2018. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Cash = Bonds Pay. + Interest Pay. + Common Stock + Retained Earnings Expense - Dividend Revenue - (a) Aug.1, 2017 $ (b) Dec. 31, 2017 Interest expense (c) Aug. 1, 2018 Interest expense Click if you would like to Show Work for this question: Open Show Work