1. What are the 3 characteristics typical for preferred stock, compared to common stock?

Group of answer choices

Preference for dividends and voting rights, but no preference in liquidation.

None of the other answers are correct

Dividend preference, liquidation preference, but no voting rights.

Voting rights, but no preference for dividends or liquidation.

2.MEF Corporation had $600,000 in net income for the year ended December 31, 2018. What is Earnings per Share (in dollars and cents) if the company had 200,000 shares of common stock outstanding the entire year?

3.MEF Corporation had $600,000 in net income for the year ended December 31, 2018. What is Earnings per Share if the company had $1,000,000 in the Common Stock--$5 Par account in the general ledger during the entire year?

4. Lady Gaga Corporation was incorporated with 100,000 shares of $1 par value common stock authorized by the Board of Directors. The journal entry to record the issue of 20,000 shares for $20,000 is:

None of the other answers are correct

Debit Common Stock, Credit Cash

Debit Cash, Credit Common Stock and Paid in Capital In Excess of Par

Debit Cash, Credit Common Stock

5. Lady Gaga Corporation was incorporated with 100,000 shares of $1 par value common stock authorized by the Board of Directors. The journal entry to record the issue of 10,000 shares for $300,000 is:

Debit Common Stock and Paid in Capital In Excess of Par, Credit Cash

Debit Cash, Credit Common Stock

None of the other answers are correct

Debit Cash, Credit Common Stock and Paid in Capital In Excess of Par