11. The entry to record the issuance of common stock at a price above par includes a debit to

A. Common Stock

B. Paid-In Capital in Excess of ParCommon Stock

C. Cash

D. Organizational Expenses

12. If Dakota Company issues 1,500 shares of $6 par common stock for $75,000,

A. Paid-In Capital in Excess of Par will be credited for $9,000

B. Cash will be debited for $66,000

C. Paid-In Capital in Excess of Par will be credited for $66,000

D. Common Stock will be credited for $75,000

13. Sabas Company has 20,000 shares of $100 par, 2% cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends:

Year 1: 10,000

Year 2: 45,000

Year 3: 90,000

Determine the dividends per share for preferred and common stock for the first year.

A. $0.00 and $0.10

B. $2.00 and $0.00

C. $0.50 and $0.00

D. $0.50 and $0.10

14.Which of the following is the appropriate general journal entry to record the declaration of cash dividends?

A. Cash Dividends Payable

Cash

B. Cash Dividends

Cash Dividends Payable

C. Paid-In Capital

Cash Dividends Payable

D. Retained Earnings

Cash

15. A corporation has 50,000 shares of $25 par stock outstanding that has a current market value of $120. If the corporation issues a 5-for-1 stock split, the par value of the stock after the split will be

A. $60

B. $24

C. $25

D. $5