A liability for cash dividends is recorded: Multiple Choice When cumulative preferred stock is sold. O On the date of declaration. O On the date of record. On the date of payment. d For dividends in arrears on cumulative preferred stock. A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is: Multiple Choice Debit Land $70,000; credit Common Stock $50,000; credit Paid-In Capital in Excess of Par Value, Common Stock $20,000. Debit Land $70,000; credit Common Stock $70,000. a Debit Land $50,000; credit Common Stock $50,000. Debit Common Stock $50,000, debit Paid-In Capital in Excess of Par Value, Common Stock $20,000; credit Land $70,000. d Debit Common Stock $70,000; credit Land $70,000. A company issued 105 shares of $100 par value common stock for $11,500 cash. The total amount of paid-in capital is: Multiple Choice $1,050. O $11,500. $1,000 0 $100. $10,500. Comfort Mattresses, Incorporated sold 26,000 shares of its $1 par value common stock at a cash price of $12 per share. The entry to record this transaction would be: Multiple Choice Debit Cash $312,000; credit Common Stock $26,000, credit Paid-in Capital in Excess of Par Value, Common Stock $286,000. Debit Cash for $312,000; credit Common Stock $312,000. Debit Common Stock $26,000; debit Paid-in Capital in Excess of Par Value, Common Stock $286,000; credit Cash $312,000. Debit Cash $312,000; credit Stock Liability $286,000; credit Common Stock $26,000. Debit Common Stock $26,000; credit Cash $26,000. The Common Stock Dividend Distributable account is a(n): Multiple Choice Asset account Liability account. Equity account Contra asset account. Income statement account. Davis Enterprises has 270,000 shares of $5 par value common stock outstanding. Davis declares a 40% stock dividend on March 2 when the stock's market value is $63 per share. The journal entry for the declaration of the stock dividend is: Multiple Choice Credit Account Title Retained Earnings Common Dividend Payable Debit 540,000 540,000 Credit Account Title Common Stock Dividend Distributable Retained Earnings Debit 540,000 540,000 Credit Account Title Retained Earnings Common Stock Dividend Distributable Debit 6,804,000 6,804,000 Credit Account Title Retained Earnings Common Stock Dividend Distributable Debit 540,000 540,000 No journal entry is required for the declaration of a stock dividend. Aviation Incorporated has 125,000 shares authorized, 115,000 shares issued and no treasury stock. Determine the number of shares outstanding: Multiple Choice 125,000. O 115,000. 10,000. O O 240,000 240.000. O