2) Why is a corporation said to be taxed twice? 3) A company issues 7,000 shares of its $10 par value common stock in exchange for equipment valued at $105,000. The entry to record this transaction includes a credit to: A) Paid-In Capital in Excess of Par Value, Common Stock, for $35,000 B) Retained Earnings for $35,000 C) Common Stock, $10 Par Value, for $105,000 D) Cash for $105,000 4) What is a premium on stock issuance? 5) What type of an account is the Common Dividend Payable account? 6) What three crucial dates are involved in the process of paying a cash dividend? 7) When does a dividend become a company's legal obligation? ) How does a stock dividend impact assets and retained earnings? What distinguishes a large stock dividend from a small ock dividend? In what ways does preferred stock often have priority over mon stock