1. In 2020, Bramble Corp. acquired 14700 shares of its own $1 par value common stock at $17 per share. In 2021, Bramble issued 9700 of these shares at $23 per share. Bramble uses the cost method to account for its treasury stock transactions. What accounts and what amounts should Bramble credit in 2021 to record the issuance of the 9700 shares? Correct answer is?

Treasury Stock

Additional Paid-in Capital

Retained Earnings

Common Stock

$213400

$9700

$155200

$58200

$9700

$164900

$159900

$164900

$58200

2. Waterway Industries had the following information in its financial statements for the year ended 2020 and 2021:

Common cash dividends for the year 2021	$ 18800
Net income for the year ended 2021	136000
Market price of stock, 12/31/21	25
Common stockholders equity, 12/31/20	2180000
Common stockholders equity, 12/31/21	2750000
Outstanding shares, 12/31/21	154900
Preferred dividends for the year ended 2021	30400

What is the book value per share for Waterway Industries for the year ended 2021? a.14.07 b.17.42 c.17.55 d. 17.75

3. On December 31, 2020, the stockholders' equity section of Sheridan Company, was as follows:

Common stock, par value $10; authorized 40000 shares;
	issued and outstanding 12000 shares	$ 120000
Additional paid-in capital		111000
Retained earnings		184000
Total stockholders' equity		$415000

On March 31, 2021, Sheridan declared a 10% stock dividend, and accordingly 1200 additional shares were issued, when the fair value of the stock was $18 per share. For the three months ended March 31, 2021, Sheridan sustained a net loss of $40200. The balance of Sheridans retained earnings as of March 31, 2021, should be

a. $143800.

b. $134200.

c. $122200.

d. $131800.

4. Vaughn Manufacturing was organized on January 1, 2021, with an authorization of 1190000 shares of common stock with a par value of $6 per share. During 2021, the corporation had the following capital transactions:

January 5	issued 595000 shares @ $10 per share
July 28	purchased 75000 shares @ $12 per share
December 31	sold the 75000 shares held in treasury @ $19 per share

Vaughn used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2021?

a. $-0-.

b. $1800000.

c. $2380000.

d. $2905000.

5. Bonita Industries had the following information in its financial statements for the years ended 2020 and 2021:

Cash dividends for the year 2021	$ 10500
Net income for the year ended 2021	92500
Market price of stock, 12/31/20	10
Market price of stock, 12/31/21	12
Common stockholders equity, 12/31/20	1638000
Common stockholders equity, 12/31/21	1987000
Outstanding shares, 12/31/21	163000
Preferred dividends for the year ended 2021	15400

What is the book value per share for Bonita Industries for the year ended 2021?

a. $12.09

b. $12.19

c. $12.03

d. $10.05