4) A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: A) A debit to Common Stock for $12,000. B) A debit to Land for $12,000. C) A credit to Land for $12,000. D) A credit to Additional Paid-in Capital, Common Stock for $72,000. E) A credit to Common Stock for $84,000.

5) Refer to the fact pattern in question 4. Based on the transaction details, the market value of the corporations stock on the date of the stock issuance involving the exchange of land is: A) $2 per share. B) $12 per share. C) $14 per share. D) $16 per share. E) Not determinable based on above data.

6) A company's board of directors votes to declare a cash dividend of $.75 per share of common stock. The company has 15,000 shares authorized and 9,500 shares outstanding. The company had originally issued 10,000 shares to common shareholders but had repurchased 500 shares of common stock on the open market in the 6 months before the cash dividend declaration. The total amount of the cash dividend is: A) $10,250. B) $14,625. C) $7,125. D) $7,500. E) $11,250.