10. Luther Lumber Corporationhas 1,000,000 shares ofcommon stock authorized, ofwhich 550,000 shares are issued and outstanding. The common stockhas a S10 parvalue, a $12 book value, and a $13 market value when the corporation declared a 10% stock dividend. What joumal entry is required onthat date? None RetainedEamings 550,000 Dividends Payable Stock Dividend Distributable Paid-in Capitalin Excess of Par Value Stock Dividend Distributable Paid-in Capitalin Excess of Par Value 550,000 RetainedEamings 660,000 550,000 110,000 RetainedEamings 715,000 550,000 165,000 11. Gilbert Corporation's board of directors approveda 2-for-1 common stock split. The common stockhada $10 par value before the split. shares issued? At what amount shouldretained eamings be reduced for the additional Retained eamings is not affected by a stock split. Par value of the new shares Market value of the new shares on the declaration date. Market value of the new shares on the distribution date d. 12. Which ofthe following items is included on the statement ofretained eamings The effects of extraordinary items. The effects of discontinued operations The effects ofa change in accountingprinciple. Prior period adjustments. d. 13. Depreciation is a process of Accumulating replacement funds Cost replenishment. Cost accrual. Cost allocation. d. 14. On-time Trucking reported the following data for 19X4 Beginning stockholders' equity$32,000 20,000 70,000 25,000 9,000 Capital stockissued Revenues enses Dividends paid The company's ending stockholders' equity for 19X4 would be $36,000 $45,000 $66,000 $88,000 15. Which ofthe following pairs of accounts are usually current liabilities? accounts pavable, accounts receivable. prepaid expenses, wages payable income taxes pavable, uneamedrevenue. notes receivable, bonds payable