Sunland Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ. Sunland Corp. has issued 16,500 units. Each unit consists of a $1,080 par value, 12% subordinated debenture and 18 shares of $8 par common stock. The units were sold to outside investors for cash at $1,452 per unit. Prior to this sale, the 2-week ask price of common stock was $40 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value. (a) Prepare the journal entry to record Sunland's transaction, under the following conditions. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 38,487. 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 O for the amounts.) 1. Employing the incremental method. 2. Employing the proportional method, assuming the recent price quote on the common stock reflects fair value. 1. Cash Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock 2. Cash Discount on Bonds Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock: 23958000 23958000 17820000 2376000 3762000 17820000