80.2K

Verified Solution

Link Copied!

please help on Red that are incorrect.

On December 31.2023 , Sunland Corporation, a public company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a \$1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 2 -for-1 stock split. The market price per share on the date of the announcement was $12. Dec. 15 Declared a 10% stock dividend to shareholders of record on December 30 , distributable on January 15. On December 15, the market price of each share was \$6; on December 30,$7; and on January 15, $6. 31 Determined that profit before income tax for the year was $458,000 The company has a 30% income tax rate. am thalize the transactions for 2024 and closing entries for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent monuolly. If no entry is required, select 'No Entry' for the account tifles and enter ofor the amounts, Record journal entries in the order presented in the problem. List all debit entries heforo. Mily 1 : Cash Dlvidends-Common 1080000 Common Shares (Stock split) Dec. 15 : Retained Earnings 108000 Common Shares (Stock dividend declaration) Dec. 30 No Entry No Entry (Stock dividend record date) Dec. 30 : Income Summary 458000 Retained Earnings (To close Income Summary) Dec 30 : Income Summary Retained Earnings (Toclose Income Summary) Dec31; Dividend Expense 90000 Retained Earnings No Entry 0 (To close dividends to retained earnings)

Answer & Explanation Solved by verified expert

See Answer