Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash Part 1 Correct answer icon Your answer is correct Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50 (Each valuation is on a per share basis and there are ready markets for each stock ) (Credit account titles are automatically indented when 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 ) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Attempts 1 of 2 used Part 2 Partially correct answer icon Your answer is partially correct Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $23 per share, and the par value of the preferred stock was $40 and has no ready market (Credit account titles are automatically indented when 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 ) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts 1 of 2 used Submit Answer

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Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash. Part 1 Correct

Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash.

Part 1

Correct answer icon

Your answer is correct.

Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are automatically indented when 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.)

Account Titles and Explanation	Debit	Credit

eTextbook and Media

List of Accounts

Attempts: 1 of 2 used

Part 2

Partially correct answer icon

Your answer is partially correct.

Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $23 per share, and the par value of the preferred stock was $40 and has no ready market. (Credit account titles are automatically indented when 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.)