23. During 2016, Duncan Company's total assets increased $50,000, and total liabilit decreased $30,000. During the same year, the company's investors contributed additional $60,000 and the company paid dividends of $30,000. What must have been the company's net income for 2016? A) $50,000 B) $30,000 Final Answer: C) $40,000 D) $20,000 24. Which of the following statements is correct? A) A corporation's issued stock may exceed its outstanding stock. B) A corporation's outstanding stock may exceed its authorized stock. C) A corporation's issued stock may exceed its authorized stock. D) A corporation's treasury stock may exceed its issued stock. 25. CherokeeCloud, Inc., issued for $38 per share 5.000 shares of $20 par value common stock. The journal entry to record this transaction is: 190,000 100,000 90,000 A) Dr. Cash (CA) 190,000 Cr. Common Stock (Cont) B) Dr. Cash (CA) 190,000 Cr. Common Stock - Par (Cont) Cr. Common Stock - Additional Paid-In Capital (APIC) C) Dr. Cash (CA) 190,000 Cr. Common Stock (Cont) Cr. Retained Earnings (Other Eq) D) Dr. Cash (CA) 190,000 Cr. Common Stock (Cont) Cr. Gain on Sale of Stock (Other Inc) 100,000 90,000 100,000 90,000 Statement of Cash Flows 26. Consider the following events: Cash of $112,000 was paid for a used truck. Cash of $80,000 was paid to retire bonds. Cash of $50,000 was received from the sale of a building at a loss. Cash dividends of $28,000 were paid to shareholders. Plant assets were depreciated $12,000, under the straight-line method. Compute the net cash flow from investing activities (parentheses indicate an outflow): A) $ 50,000 B) $(142,000) Final Answer: C) $ (14,000) D) $ (62,000)