1. A company had a beginning balance in retained earnings of $44,300. It had net income of $7,300 and paid out cash dividends of $5,950 in the current period. The ending balance in retained earnings equals: Grand Canyon Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 370 shares to its attorneys in payment of a $5,700 charge for drawing up the articles of incorporation. The entry to record this transaction would include: 3. A corporation issued 17,000 shares of its $10 par value common stock at a cash price of $14 per share. The entry to record this transaction would include: 4. A corporation issued 130 shares of its $5 par value common stock in payment of a $2,100 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: 5. A company issued 125 shares of $100 par value common stock for $13,500 cash. The total amount of paid-in capital is: 6. A company issued 180 shares of $100 par value common stock for $21,400 cash. The total amount of paid-in capital in excess of par is: 7. A corporation issued 7,200 shares of $10 par value common stock in exchange for land with a market value of $114,000. The entry to record this exchange is: 8. A company's board of directors votes to declare a cash dividend of $.85 per share of common stock. The company has 17,000 shares authorized, 12,000 issued, and 11,500 shares outstanding. The total amount of the cash dividend is: 9. A corporation has $180,000 of 7% noncumulative, nonparticipating, preferred stock outstanding. It also has $580,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $38,000. This dividend should be distributed as follows: 10. Torino Company has 2,200 shares of $50 par value, 7.0% cumulative and nonparticipating preferred stock and 22,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $7,500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is