11) Preferred stock which confers rights to prior declared is called: ts to prior periods' unpaid dividends even if they were not A) Participating preferred stock. B) Convertible preferred stock. C) Noncumulative preferred stock D) Cumulative preferred stock. E) Callable preferred stock. 12 Ultimate Sportswear has $100,000 of 8% noncumulative, nonparticipating, preferred stock ompany's first year or also has $500,000 of common stock outstanding. In the company's first year of operation, no dividends paid cash dividends of $30,000. This dividend should be distributed as follows: were paid. During the second year, the company A) SO preferred; $30,000 common. B) $7,500 preferred; $22,500 common. C) $15,000 preferred; $15,000 common. D) $8,000 preferred, $22,000 common. E) $16,000 preferred; S14,000 common. 13) Stock that was reacquired and is still held by the issuing corporation is called: A) Capital stock. B) Preferred stock C) Treasury stock. D) Callable stock. E) Redeemed stock. 14) Treasury stock is classified as: A) A contra equity account. B) A contra asset account. C) A revenue account. D) An asset account. E) A liability account. $1,500,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: A) Debit Retained Earnings $750,000; credit Common Stock Split Distributable $750,000. B) No entry is made for this transaction. C) Debit Retained Earnings $250,000; credit Common Stock $250,000. D) Debit Retained Earnings $250,000; credit Stock Split Payable $250,000. E) Debit Retained Earnings $750,000; credit Common Stock $750,000. 15) On September 1, Ziegler Corporation had 50,000 shares of $5 par value common stock, and