7. If The Duncan Company issues 1,000 shares of $5 par value common stock for $70,000, the account A) Common Stock will be credited for $70,000 B) Paid-in Capital in Excess of Par Value will be credited for $5,000 C) Paid-in Capital in Excess of Par Value will be credited for $65,000 Cash will be debited for $65,000 8. The maximum number of shares of common stock that may be issued according to the corporation's charter is referred to as A) authorized shares. outstanding shares. c) unissued shares. issued shares. 0 A company purchases 300 shares of its $100 par value common stock at $10 per share. It then reissues (resells) 50 shares at $114 per share. The entry upon reissue of the stock would include a credit to A) Paid-in Capital from Treasury Stock for $200. Gain on Sale of Treasury Stock for $200. Retained Eamings for $700. Treasury Stock for $5.700.- 10. Treasury stock should be reported in the financial statements of a corporation as an) A investment. B) liability. C) deduction from total contributed capital. D) deduction from total contributed capital and retained earnings 1. The date on which a cash dividend is paid to the stockholders is on the declaration date. date of record. payment date D last day of the fiscal year