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The stockholders equity accounts of Sunland Company on January 1, 2019, were as follows. Preferred Stock (8%, $52 par, cumulative, 10,000 shares authorized) $ 390,000
The stockholders equity accounts of Sunland Company on January 1, 2019, were as follows.
| Preferred Stock (8%, $52 par, cumulative, 10,000 shares authorized) | $ 390,000 | |
| Common Stock ($1 stated value, 1,900,000 shares authorized) | 1,100,000 | |
| Paid-in Capital in Excess of ParPreferred Stock | 125,000 | |
| Paid-in Capital in Excess of Stated ValueCommon Stock | 1,400,000 | |
| Retained Earnings | 1,750,000 | |
| Treasury Stock (10,000 common shares) | 50,000 |
During 2019, the corporation had the following transactions and events pertaining to its stockholders equity.
| Feb. | 1 | Issued 25,000 shares of common stock for $124,000. | |
| Apr. | 14 | Sold 5,900 shares of treasury stockcommon for $33,100. | |
| Sept. | 3 | Issued 5,000 shares of common stock for a patent valued at $34,300. | |
| Nov. | 10 | Purchased 1,100 shares of common stock for the treasury at a cost of $6,200. | |
| Dec. | 31 | Determined that net income for the year was $435,000. |
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