On December 1, 2018, Sunland Company exchanged 55500 shares of its $10 par value common stock held in treasury for a used machine. The treasury shares were acquired by Sunland at a cost of $35 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a fair value of $50 per share (the shares were originally issued at $25 per share). As a result of this exchange, Sunland's total stockholders' equity will increase by $2220000. $ 555000. $1942500. $2775000. . Get Accounting homework help today
On December 1, 2018, Sunland Company exchanged 55500 shares of its $10 par value common stock held in treasury for a used machine. The treasury shares were acquired by Sunland at a cost of $35 per share, and are accounted for under the cost method. On the date of the exchange, the common stock had a fair value of $50 per share (the shares were originally issued at $25 per share). As a result of this exchange, Sunland's total stockholders' equity will increase by
. Get Accounting homework help today
