1) The charter of a corporation provides for the issuance of 107,000 shares of common stock. Assume that 59,000 shares were originally issued and 12,200 were subsequently reacquired. What is the number of shares outstanding?

a.12,200

b.59,000

c.107,000

d.46,800

2) Nebraska Inc. issues 3,500 shares of common stock for $112,000. The stock has a stated value of $20 per share. The journal entry to record the stock issuance would include a credit to Common Stock for

a.$70,000

b.$42,000

c.$112,000

d.$3,500

3) Kansas Company acquired a building valued at $177,000 for property tax purposes in exchange for 10,000 shares of its $3 par common stock. The stock is widely traded and sold for $16 per share. At what amount should the building be recorded by Kansas Company?

a.$130,000

b.$177,000

c.$160,000

d.$30,000

4) If Dakota Company issues 3,500 shares of $6 par common stock for $77,000,

a.Paid-in Capital in excess of Par Value will be credited for $21,000.

b.Cash will be debited for $21,000.

c.Common Stock will be credited for $77,000.

d.Paid-in Capital in excess of Par Value will be credited for $56,000.

5) The charter of a corporation provides for the issuance of 85,935 shares of common stock. Assume that 43,621 shares were originally issued and 4,678 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared?

a.$43,621

b.$77,886

c.$4,678

d.$85,935

6) Texas Inc. has 6,291 shares of 8%, $100 par value cumulative preferred stock and 95,338 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

a.$50,328 in total

b.$6,291 in total

c.$80.00 per share

d.$7,627 in total

7) A company with 110,675 authorized shares of $7 par common stock issued 38,493 shares at $16 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $23 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?

a.$50,911

b.$17,707

c.$5,389

d.$12,318

8) Vincent Corporation has 100,000 shares of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 4% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $118 a share on June 30.

If no entry is required, select "No Entry" and leave the amount boxes blank.

Journalize the entry required on June 30. If an amount box does not require an entry, leave it blank.

June 30		fill in the blank	fill in the blank
		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

Journalize the entry required on July 15. If an amount box does not require an entry, leave it blank.

July 15		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

Journalize the entry required on July 30. If an amount box does not require an entry, leave it blank.

July 30		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

9) A company had stock outstanding as follows during each of its first three years of operations: 3,000 shares of 10%, $100 par, cumulative preferred stock and 53,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0".

			Preferred				Common
Year	Dividends		Total		Per Share		Total		Per Share
1	$22,500
2	30,000
3	52,080