accounting

A corporation purchases 20,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders' equity? a. Increase by $700,000. b. Decrease by $400,000. c. Decrease by $100,000. (1. Decrease by $300,000. Outstanding stock of the West Corporation included 40,000 shares of $5 par conmnon stock and 10.000 shares of 5%, $10 par non-cumulative preferred stock. In 2019, West declared and paid dividends of $4,000. In 2020, West declared and paid dividends of $20,000. How much of the 2020 dividend was distributed to preferred shareholders? a. $9,000. b. $15,000. c. $5,000. d. None of these answer choices are correct. The net effects on the corporation of the declaration and payment of a cash dividend are to a. decrease liabilities and decrease stockholders' equity. b. increase stockholders' equity and decrease liabilities. c. decrease assets and decrease stockholders' equity. (1. increase assets and increase stockholders' equity. An inexperienced accountant for Teahan Corporation made the following entries. July 1 Cash \"0,000 Common Stock 170,000 (Issued 20,000 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 36,000 Retained Earnings 24,000 Cash 60,000 (Purchased 4,000 shares issued on July 1 for the treasury at $15 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)