At the beginning of 2021, Sunland Company had retained earnings of $402000. During the year Sunland reported net income of $109000, sold treasury stock at a "gain" of $36400, declared a cash dividend of $61000, and declared and issued a small stock dividend of 2890 shares ($10 par value) when the fair value of the stock was $20 per share. The amount of retained earnings available for dividends at the end of 2021 was O $428600. O $392200. O $421100. $457500.

At the beginning of 2021, Sunland Company had retained earnings of $402000. During the year Sunland reported net income of $109000, sold treasury stock at a "gain" of $36400, declared a cash dividend of $61000, and declared and issued a small stock dividend of 2890 shares ($10 par value) when the fair value of the stock was $20 per share. The amount of retained earnings available for dividends at the end of 2021 was O $428600. O $392200. O $421100. $457500.

Name: View PoliciesCurrent Attempt in ProgressAt the beginning of 2021, Sun
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Description: View PoliciesCurrent Attempt in ProgressAt the beginning of 2021, Sunland Company had retained earnings of $402000. During the year Sunland reported net income of$109000, sold treasury stock at a "gain" of $36400, declared a cash dividend of $61000,

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...

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Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances: During 2020, Stanley Utilities engaged in the following transactions involving its equity accounts: Sold 3,300 shares of common stock for $15 per share. Sold 1,000 shares of 12%, $100 par preferred stock at $105 per share. Declared and paid cash dividends of $8,000. Repurchased 1,000 shares of treasury stock (common) for $38 per share. Sold 400 of the treasury shares for $42 per share. Required: Prepare the journal entries for Transactions a through e. Assume that 2020 net income was $87,000. Prepare a statement of stockholders equity at December 31, 2020.
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