1. The Eco Toys Corporation acquired 2,000 of its own common shares, out of the 15,000 it had outstanding. The shares had a par value of $30, but the corporation paid $50 each. The acquisition is recorded as follows: a. Cash 60,000 Common Stock 60,000 b. Treasury Stock 60,000 Cash 60,000 c. Treasury Stock 100,000 Cash100,000 d. None is correct 2. Corporacin Alegra has 300,000 common shares (Common Stock) issued and outstanding. The par value of these shares is $100 per share and they are selling for $125. The Board of Directors declared a 5% stock dividend. This will cause the Retained Earnings account to be debited for: a. $15,000 b. $1,500,000 c. $1,875,000 d. $37,500,000 3. The Marte Company acquired a piece of land in exchange for 10,000 shares of common stock, par value $10. The fair market value of the land is not determinable, but the stock had a market value of $25 when it was exchanged for the land. At what amount should the land be registered in this company? a. $100,000 b. $250,000 c. $150,000 d. $350,000 4. The firm sells 3,000 shares of $15 par value common stock for $55,000. How much is the Common Stock, Par Value account credited for? a. $10,000 b. $25,000 c. $45,000 d. $35,000 5. A company has a beginning Retained Earnings balance of $43,000. Has Net Income of $6,000 and paid $5,625 Cash Dividend. The ending retained earnings balance is: a. $108,625 b. $12,625 c. $11,375 d. $43,375