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Sunland Inc. was formed on July 1 , 2 0 2 0 . It was authorized to issue an unlimited number of common shares and
Sunland Inc. was formed on July It was authorized to issue an unlimited number of common shares and cumulative and nonparticipating preferred shares carrying a $ dividend. The company has a July to June fiscal year. The following information relates to the company's shareholders' equity account.
Common Shares
Before the fiscal year, the company had outstanding common shares issued as follows:
shares issued for cash on July at $ per share.
shares exchanged on July for a plot of land that cost the seller $ in and had an estimated fair value of $ on July
shares issued on March ; the shares had been subscribed for $ per share on October
Oct. Subscriptions were received for shares at $ per share. Cash of $ was received in full payment for shares and share certificates were issued. The remaining subscription for shares was to be paid in full by September and the certificates would then be issued on that date.
Nov. The company purchased of its own common shares on the open market at $ per share. These shares were restored to the status of authorized but unissued shares.
Dec. The company declared a stock dividend at the fair value of the shares for shareholders of record on January to be issued on January The company's common shares were selling at $ per share on December
June The company sold of its own common shares for $
Preferred Shares
The company issued preferred shares at $ per share on July
Cash Dividends
The company has followed a schedule of declaring cash dividends each year in December and June and making the payment to shareholders of record in the following month. The cash dividend declarations have been as follows since the company's first year and up until June :
tableDeclaration Date,Common Shares,Preferred SharesDec$ per share,$ per shareJune $ per share,$ per shareDec$ per shareV
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