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Question - Sunland Corporation is a regional company which is an SEC registrant. The corporation's securities are thinly traded on NASDAQ. Sunland Corp. has issued 11,000 units. Each unit consists of a $550 par, 12% subordinated debenture and 11 shares of $6 par common stock. The units were sold to outside investors for cash at $968 per unit. Prior to this sale, the 2-week ask price of common stock was $44 per share. Twelve percent is a reasonable market yield for the debentures, and therefore the par value of the bonds is equal to the fair value.
(a) Journal entry to record Sunland's transaction, under the following conditions.
(1) Employing the incremental method.
(2) Employing the proportional method, assuming the recent price quote on the common stock reflects fair value.
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