a. Chile Co. has 1,000 shares of 8%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2016. In 2016, $10,000 of dividends are declared and paid. No dividends were paid in 2015. What are the dividends received by the common stockholders in 2016?

b. The entry to record the full payment of the premium on a two-year insurance policy would be:

-debit to prepaid insurance, credit to accounts receivable

-debit to prepaid insurance, credit to cash

-debit to insurance expense, credit to cash

-debit to prepaid insurance, credit to accounts payable

c. JC, Inc. acquired a piece of machinery on January 3, 2016.

The following are the details on the machine: Cost: $68,400 Life: 100,000 units Salvage (Residual) Value: $11,600.

d. Acme Co. began the year with $4,200 in supplies and purchased $7,500 in supplies during the year. At the year end, $3,100 in supplied remained on hand. The required adjusting entry would be:

JC uses the units-of-production method of depreciation. Assuming the machine produced 18,500 units during the year ended December 31, 2016, the 2016 depreciation expense was:

-Debit, Supplies Expense for $3,100 Credit, Supplies for $3,100

-Debit, Supplies Expense for $8,600 Credit, Supplies for $8,600

-Debit, Supplies for $3,100 Credit, Cash for $3,100

-Debit, Supplies for $8,600 Credit, Accounts Payable for $8,600