7) Five hundred shares of $25 par common stock were exchanged for a piece of equipment with a current market value of $13,500. The journal entry to record the transaction would include a: A) debit to Equipment for $12,500. B) credit to Common Stock for $13,500. C) credit to Paid-In Capital in Excess of Par-Common for $1,000 D) debit to Common Stock for $12,500. S) Evergreen Building, Inc. issued 2,000 shares of $18 par common stock in exchange for a truck with a current market value of $40,000. Which of the following is NOT part of the journal entry for this transaction? A) Crediting Common Stock for $36,000 B) Crediting paid-in capital in excess of par-common for $4,000 C) Debiting equipment for $40,000 D) Cnediting Common Stock for $40,000 9) Vintage Boutique's outstanding stock is 100 shares of $100 par 11% cumulative preferred stock and 2,000 shares of $12 par common stock. Vintage Boutique paid $1,600 in cash dividends during the year. No dividends are in arrears. Common stockholders received: A) $2,500. B) $500 C) s0. D) $1,100. k Company's outstanding stock is 100 shares of $100, 6% cumulative preferred stock and 2,000 shares of $10 par common stock. Stonework paid $2,000 in cash dividends including one-year dividends in arrears to preferred stockholders. Common stockholders received: A) $O. B) $800 C) $600 D) $1,818