ABC Inc. Issued 1,000 common shares and 3,000 preferred shares for a lump sum of $25,000. The fair market value of each share on the date of issue was $6 per common share and $8 per preferred share. How much of the proceeds received should be allocated to the preferred shares on the date of issue? Maple Choice O $5,000 $20,000 $6,250 $19.750 Gains on sale of treasury stock should be credited to: Multiple Choice Additional contributed capital. Other income. O Share capital. Retained earnings. Check my TB 14-71 Ryan Corp. has the following share capital... Ryan Corp. has the following share capital outstanding Common, 10,000 shares Preferred $1.80 noncumulative, non-participating. 10,000 shares Dividends are two years in arrears, excluding the current year. Total dividends of $90,000 will be paid for the current year. The total amounts that will be received by the preferred shareholders and common shareholders are 3 4 Preferred Shareholders $36,000 $18,000 $90,000 $54.000 Multiple Choice Choice 1 Common Shareholders $54.000 $72,000 $0 $36,000 Multiple Choice Choice 1 Choice 2 Choice 3 Choice 4 The following owners' equity section of a firm's balance sheet relates to the current year (end-of-year data): 8%, $100 par cumulative preferred shares $10,000 $5 par common shares 40,000 Contributed capital in excess of par-preferred shares 5,000 Retained earnings Contributed capital in excess of par-common shares Treasury stock Total owners' equity How many common shares are issued? 20,000 60,000 (10,000) $125,000 Multiple Choice 8,000 8,000 6,000 7,000 There is insufficient information provided to answer the