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On January

$1$

$,$

$2$

$0$

$2$

$4$

$,$

$$Sunland Ltd

$.$

$$had the following shareholders' equity accounts:

Common shares

$($

$9$

$0$

$0$

$,$

$0$

$0$

$0$

$$issued

$)$

$$$

$1$

$,$

$3$

$5$

$0$

$,$

$0$

$0$

$0$

Retained earnings

$1$

$,$

$6$

$2$

$0$

$,$

$0$

$0$

$0$

The compary was also authorized to issue an unlimited number of $

$4$

$$noncumulative preferred shares. As at January

$1$

$,$

$2$

$0$

$2$

$4$

$,$

$$none

Jan.

$2$

$$Issued

$8$

$9$

$,$

$0$

$0$

$0$

$$preferred shares for $

$5$

$0$

$$per share.

Mar.

$3$

$1$

$$Paid quarterly dividend to preferred shareholders.

June

$3$

$0$

$$Paid quarterly dividend to preferred shareholders.

Aug.

$1$

$2$

$$Issued

$9$

$8$

$,$

$0$

$0$

$0$

$$common shares for $

$1$

$.$

$7$

$0$

$$per share.

Sept.

$3$

$0$

$$Paid quarterly dividend to preferred shareholders.

Dec.

$3$

$1$

$$Paid quarterly dividend to preferred shareholders and a $

$0$

$.$

$2$

$5$

$$per share dividend to the common shareholders.

Dec.

$3$

$1$

$$Loss for the year was $

$9$

$4$

$,$

$0$

$0$

$0$

Journalize the transactions and the entries to close dividends and the Income Summary account.

$($

Credit account tittes are

automatically indented when the amount is entered Do not indent manuall, If no entry is required, select

$"$

No Entry" for the occount titles

and enter Ofor the omounts. Record journal entries in the arder presented in the problem. List all debit entries before credit entries

$)$

Question Part Score

Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the

previous part.

$($

Post entries in the order of journal entries presented in the previous part.

$)$

Answer & Explanation Solved by verified expert

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