12. A corporate charter specifies that the company may sell up to 20 million shares of stock. The company sells 12 million shares to investors and later buys back 3 million shares. The current number of shares of treasury stock after these transactions have been accounted for is: million shares. B. 8 million shares. C. 9 million shares. D. 17 million shares. 13. IBM issues 200,000 shares of stock with a par value of per share. Three years later, it repurchases these shares for $80 per share. IBM records the repurchase in which of the following ways million Common Stock for S2.000, debit Additional Paid-in Capital for s29.998.000 and credit Cash for s30 B. Debit Treasury Stock for $16 million and credit Cash for $16 million. C. Debit Common Stock for s2.000, debit Additional Paid-incapital for s15,998.000 and credit Cash for si6 million D. Debit Stockholders' Equity for $30 million, credit Additional Paid-in capital for 6 million and credit Cash for $16 million 14. Typically, a profitable company that pays little or no dividends A. is a bad investment B. will reinvest profits which can lead to greater growth potential. C. will experience relatively stable stock prices over time. D. will appeal to investors who desire distributions of profit. 15. On February 16, a company declares a 34e dividend to be paid on April 5. There are 2 million shares of common stock issued and 100,000 shares of treasury stock. What does the company record in February? A. A debit to Dividends Payable and a credit to Cash for $680,000. B. A debit to Dividends Declared and a credit to Dividends Payable for $646,000. C. A debit to Dividends Payable and a credit to Cash for $646,000. D. A debit to Dividends Declared and a credit to Dividends Payable for $680,000. 16. On February 16, a company declares a 34e dividend to be paid on April 5.There million shares of common stock issued and 100,000 shares of treasury stock. What does the company record on April 5? debit Dividends Payable and a credit to Cash for $680,000. A debit to Dividends Declared and a credit to Dividends Payable for $646,000. A debit to Dividends Payable and a credit to Cash for $646.000. A debit to Dividends Declared and a credit to Dividends Payable for $680,000