1.On December 31, 2021, Moonrock Corporation reported 800,000 common shares outstanding and 2,000,000 common shares authorized. The corresponding common share capital was reported at $5,234,600.

Assume that on March 1, 2022, Moonrock issued 12,000 common shares to OIL, Inc., in exchange for equipment with a fair market value of $130,000. The board of directors determined the appropriate market value per share as $7. On July 1, Moonrock purchased 20,000 of its shares in the market at $6.10 each and cancelled them. What will be the revised amount of the common share capital following these transactions?

a. $5,232,467. b. $5,124,000. c. $5,187,600. d. $5,198,720. e. None of the above but $ .

Use the information as follows to respond to Questions 2 and 3:

On June 30, 2020, Tell Inc's reported its capital accounts as follows: Common Shares, no par, 40,000 shares outstanding $1,600,000 Retained Earnings 3,200,000 2. If a $2 per share cash dividend were declared but not paid. The capital accounts balances would show revised balances as follows:

a. Common Shares: $1,520,000 and Retained Earnings: $3,280,000.

b. Common Shares: $1,600,000 and Retained Earnings: $3,120,000.

c. Common Shares: $1,600,000 and Retained Earnings: $3,200,000.

d. Common Shares: $1,520,000 and Retained Earnings: $3,120,000.

e. None of the above.

3. A 10% stock dividend was declared and distributed. Just prior to the date of declaration, the shares were traded at $65 per share. The capital accounts balances would show revised balances as follows:

a. Common Shares: $1,760,000; Retained Earnings: $2,940,000 and Contributed Surplus: $100,000.

b. Common Shares: $1,860,000 and Retained Earnings: $2,940,000.

c. Common Shares: $1,836,364 and Retained Earnings: $2,963,636.

d. Common Shares: $1,760,000 and Retained Earnings: $3,460,000.

e. None of the above.

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