7.

8.

11.

Daytona Corporation had 800,000 shares of common stock outstanding during the year. Daytona declared and paid cash dividends of $400,000 on the common stock and $320,000 on the preferred stock. Net Income for the year was $1,760,000. What is Daytona's earnings per share? O $1.80 O $1.30 O $1.70 O $1.75 If the board of directors authorizes a $1,000,000 restriction of retained earnings for a future plant expansion, the effect of this action is to O increase stockholders' equity and decrease total liabilities. decrease total assets and total stockholders' equity. decrease total retained earnings and increase total liabilities. O reduce the amount of retained earnings available for dividend declarations On December 31, 2020, Oriole, Inc. has 4500 shares of 5% $100 par value cumulative preferred stock and 60200 shares of $10 par value common stock outstanding On December 31, 2020, the directors declare a $19300 cash dividend. The entry to record the declaration of the dividend would include: O a credit of $19300 to Cash Dividends. O a credit of $19300 to Dividends Payable. O anote in the financial statements that dividends of $5 per share are in arrears on preferred stock for 2020. O a debit of $19300 to Common Stock