1. 16) On March 1, 2021, Texas Company issued 2,500 shares of its $5 par common stock and 6,000 shares of its $8 par preferred stock for a lump sum of $260,000. At this date Texas common stock was selling for $32 per share and the preferred stock for $24 per share. The amount of the proceeds allocated to Texas common stock should be?

1. 17) On December 31, 2021, the stockholders equity section of Arizona, Inc., was as follows:

Common stock, par value $5: authorized 50,000 shares;

issued and outstanding 18,000 shares

Additional paid-in-capital $230,000

Retained earnings 450,000

On May 1, 2022, Arizona declared an 8% stock dividend, and accordingly issued additional shares, when the fair value of the stock was $14 per share. For the year ended December 31, 2022, Arizona generated a net loss of $80,000. The balance of Arizonas retained earnings as of December 31, 2022 should be?

1. 18) Stock dividends and property dividends are similar in that both do not change total stockholders equity. (True/False)

1. 19) Federal unemployment insurance paid should be included in an employers payroll tax expense. (True/False)