21. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Outstanding shares d. Authorized shares 22. Era Company has 6,000 shares of 5%. S 100 par non-cumulative prefe stock outstanding at Dee 31 , 2017 No dividends have been paid on this stock for 2016 or 2017 Dividends in arrears 31, 2017 total a, S0 b. $3.000 c. $30.000 d. $60,000 23. When preferred stock is cumulative, preferred dividends not declared in a period are a. considered a liability b. called dividends in arrears. c. distributions of carnings. d. never paid 24. The purchase of treasury stock a, decreases common stock authorized. b. decreases common stock issued c. decreases common stock outstanding. d. has no effect on common stock outstanding 25. Each of the following decreases retained earnings except a a. cash dividend b. liquidating dividend c, stock dividend. d. All of these decrease retained carnings 26. The date on which a cash dividend becomes a binding legal obligation is on the a. declaration date b. date of record c. payment date d. last day of the fiscal year-end 27, Solaris. Inc. has 2,000 shares of 500, $10 par value, cumulative preferred stock and 50,000 shares of$1 par value common stock outstanding at December 31, 2017. What is the annual dividend on the preferred stock a. $5 per share b. $1,000 in total c. $10,000 in total d. $.05 per share 28. Burnell, Inc. has 5,000 shares of 4%. S50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2016, and December 31, 2017. The board of directors declared and paid a $8,000 dividend in 2016. In 2017, $30,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2017? Preferred Common a. $18,000 $12,000