Sunland Company purchased from its stockholders 5,300 shares of its own previously issued stock for $275,600. It laterresold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,300 shares for $44 per share.Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter O for the amounts.) Account Titles and ExplanationDebitCredit(To record purchase from stockholders.)(To record sales of shares at $55 per share.)(To record sales of shares at $50 per share.)(To record sale of shares at $44 per share.)

Journal entry records the transactions of the business into the books of accounts of the entity and…

Sunland Company purchased from its stockholders 5,300 shares of its own previously issued stock for $275,6 resold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,300 shares for Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit aco automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for enter O for the amounts.)

Sunland Company purchased from its stockholders 5,300 shares of its own previously issued stock for $275,6 resold 2,000 shares for $55 per share, then 2,000 more shares for $50 per share, and finally 1,300 shares for Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit aco automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for enter O for the amounts.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11EA: Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share...

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