1. The charter of a corporation provides for the issuance of 95,736 shares of common stock. Assume that 41,078 shares were originally issued and 4,480 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared?

a.$36,598

b.$4,480

c.$41,078

d.$95,736

2. A corporation has 71,928 shares of $32 par stock outstanding that has a current market value of $348 per share. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately

a.$316

b.$87

c.$8

d.$17,982

3.

On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 3,000 shares were sold on November 10 for $23 a share.

a. Journalize the entries to record the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank

b. Journalize the entries to record the sale of the stock. If an amount box does not require an entry, leave it blank.