Question 2 of 2 On January 1, 2024, Sunland Ltd. had the following shareholders' equity accounts: Common shares (900,000 issued) Retained earnings Jan. 2 June 30 Aug. 12 Sept. 30 The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity: $1,350,000 1,620,000 Issued 88,000 preferred shares for $50 per share. Paid quarterly dividend to preferred shareholders. Paid quarterly dividend to preferred shareholders. Issued 98,000 common shares for $1.70 per share. Paid quarterly dividend to preferred shareholders. -/1 = : 4

On January 1, 2024, Sunland Ltd. had the following sharcholders' equity accounts: The company was aiso authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024, none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders equity: Dec. 31 Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders. Dec. 31 Loss for the year was $94,000. Journalize the transactions and the entries to close dividends and the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record joumal entries in the order presented in the problem. List all debit entries before credit entries.) 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.) Question 2 of 2 Dec. 31 Closing entry 11 eTextbook and Media List of Accounts Prepare the shareholders' equity section of the balance sheet at December 31,2024, including any required disclosures. Assume Sunland is reporting under ASPE. (Enter account name only and do not provide descriptive information.)