1. At the beginning of the year, Elite Corporation had 200,000 shares of $1 par common stock outstanding and had retained earnings of $4,800,000. During the year, the company earned $1,675,000, declared a 10% stock dividend when the price of stock was $28 per share and paid a year-end cash dividend of $3 per share. (the gas dividend was paid after the stock dividend had been distributed). What was elite Corporation's retained earnings at the end of the year? (please show the work answer, Thank You).

2. In 2015, Anderson Company purchased equipment for $363,000 and also some special purpose machinery with a book value of $155,000 for $182,000. In its statement of cash flows for 2015, Anderson should report the following with respect to the above transactions: (please show the work then select the MCQ, thank you).

a. 363,000 net cash used by investing activities.

b. $181,000 net cash used by investing activities; $27,000 net cash provided by operating activities.

c. $181,000 net cash used by investing activities.

d. $363,000 cash used by investing activities; $182,000 cash provided by financing activities.

3. Stockholders equity of Reeve Corporation as of December 31,2015:

8% cumulative preferred stock, $100 par $ 600,000

Common stock, $10 par, 500,000 shares authorised

120,000 shares issued and outstanding $ 1,200,000

Additional paid-up capital: common stock $ 600,000

Retained earning (deficit) (60,000)

Required: (Please show the work Thank You).

a. How many shares of preferred stock are issued and outstanding?

b. What was the original issue price per share of common stock?

c. What is the total paid-up capital?

d. Total stockholders' equity is?

e. Prepare the Stockholders of Reeve Corporation as of December 31, 2015:

Thank You