33 When peeferred stock is cumulative, preferred dividends not declared in a period A) never paid 8) called dividends in arrears c) comsidered a liability. D) distribations of camings are 34. Carson Packuaging Corporation began husiness in 2015 by issuing 30,000 shares of $3 par commun stck for $8 per share and 12,000 shares of 6%, S10 par preferred stock for par. At year end, the conmon stock had a market value of $12. On its December 31, 2015 balance sheet, Carson Packagin would report A) Commos Stock of $240,000, B) Common Stock of $90,000. C) Paid-In Capital of $90,000. D) Common Stock of $360,000. 35. Uneamed Rent Revenue is A) reported as a cument liability. B) debited when rent is received in advance. C) a contra account to Rent Revenue. D) a revenue account. 36. All of the following are property, plant, and equipment except A) supplies B) land. C) buildings. D) machinery. 37. Ifa plant asset is retired before it is fully depreciated, and the salvage value received is less than the asset's book value, A) additional depreciation expense must be recorded. B) a gain on disposal occurs. C) there is no gain or loss on disposal. D) a loss on disposal occurs.