Sunland Company acquired 22000 shares of its own common stock at $21 per share on February 5, 2020, and sold 11000 of these shares at $28 per share on August 9, 2021. The fair value of Sunland's common stock was $25 per share at December 31, 2020, and $26 per share at December 31, 2021. The cost method is used to record treasury stock transactions. What account(s) should Sunland credit in 2021 to record the sale of 11000 shares

Answer and Explanation:

The journal entry is given below:

Cash (11,000 × $28) $308,000

        To Paid-in Capital from Treasury Stock $77,000

        To Treasury stock  (11,000 × $21) $231,000

(Being the recording of 11,000 shares sale is done)

Here the cash is debited as it increased the assets and credited the treasury stock and additional paid in capital as it also increased the stockholder equity

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