1. Sunland, Inc. has 3600 shares of 5%, $50 par value, cumulative preferred stock and 72000 shares of $1 par value common stock outstanding at December 31, 2019. The board of directors declared and paid a $3100 dividend in 2019. In 2020, $17000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2020? Preferred. Common

a. $9000 $8000

b. $8500 $8500

c. $14900 $2100

d. $2100 $14900

2. Bramble, Inc. declares a 15% common stock dividend when it has 29800 shares of $10 par value common stock outstanding. If the market value of $24 per share is used, the amounts debited to Stock Dividends and credited to Paid-in Capital in Excess of Par are:

Stock Dividends

Paid-in Capital in Excess of Par

a. $107280 $62580

b. $44700 $62580

c. $44700 $0

d. $107280 $44700

3. Concord Inc. has retained earnings of $810000 and total stockholders equity of $2070000. It has 318000 shares of $5 par value common stock outstanding, which is currently selling for $28 per share. If Concord declares a 9% stock dividend on its common stock:

a. retained earnings will decrease by $801360 and total stockholders equity will increase by $801360.

b. net income will decrease by $143100.

c. retained earnings will decrease by $801360 and total paid-in capital will increase by $801360.

d. retained earnings will decrease by $143100 and total stockholders equity will increase by $143100.