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20) On December 31, 2017, Stanford, Inc. 90,000 shares of $10 par value common stock . has 1,500 shares of 6% $100 par value cumulative preferred str sr of $10 par value common stock outstanding. On December 31, 2017, trerred stock are dividend. The entry to record the declaration of the dividend would include: a credit of $30,000 to Dividends Payable. A a credit of $30,000 to Cash Dividends. B a note in the financial statements that dividends of $3 per share are in arrears on preferred stock for 2017. C D a debit of $30,000 to Common Stock E none of the above. On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17 declared a 15% stock dividend to stockholders of record on June 20, Market value of the stock was $1 21) the company on June 17. The entry to record the transaction of June 17 would include a A credit to Common Stock Dividends Distributable for $360,000 debit to Stock Dividends for $360,000. B credit to Cash for $360,000. credit to Common Stock Dividends Distributable for $120,000. C D none of the above. E 22) On January 1, Sly Corporation had 120,000 shares of $10 par value common stock outstanding. On March 17, t company declared a 15% stock dividend to stockholders of record on March 20, Market value of the stock was SiO March 17. The entry to record the transaction of March 17 would include a credit to Stock Dividends for $54,000. A B credit to Cash for $234,000. C credit to Common Stock Dividends Distributable for $180,000. debit to Common Stock Dividends Distributable for $180,000. D E none of the above. on Company, Treasury Stock increased $20,000 from a cash purchase, and Retained Earnings increased as a result of net income of $120,000 and cash dividends paid of $40,000. Net cash used by financing 23) In Ramo activities is: A $120,000. B $40,000. C $20,000 D $60,000. E none of the above. 5) Jackson Company is a publicly held transaction, Barton Conares of stock tcorporation transaction, Barton Company will value stock is actively traded at $64 per share. advertised at $200,000. When recording this to acquire land recently A debit Land for $192,000. debit Land for $200,000. 8 credit Common Stock for $192,000. C credit Paid-In Capital in Excess of Par for $196,000. D none of the above E 16) East Asian Imports, Inc. issued 15,000 shares of stock at a stated value of $8 per share. The total issue of stock sold for $15 per share. The journal entry to record this transaction would include a credit to Common Stock for $120,000. A credit to Common Stock for $125,000. B C debit to Cash for $120,000 credit to Paid-in Capital in Excess of Par for $125,000 D E none of the above 17) Taylor Corporation issues 20,000 shares of $50 par value preferred stock for cash at $90 per share. The entry to record the transaction will consist of a debit to Cash for $1,800,000 and a credit or credits to A preferred Stock for $1,000,000 and Paid-in Capital in Excess of Par-Preferred Stock for $80o,000 paid-in Capital from Preferred Stock for $1,800,000. B C preferred Stock for $800,000 and Paid-in Capital from Preferred Stock for $1,000,000. D preferred Stock for $1,800,000. none of the above. E 18) Ten thousand shares of treasury stock of E. Marcos, Inc., previously acquired at $14 per share, are sold at $20 per share. The entry to record this transaction will include a A debit to Treasury Stock for $140,000. B credit to Treasury Stock for $200,000. debit to Paid-In Capital from Treasury Stock for $60,000. C credit to Paid-In Capital from Treasury Stock for $60,000. D none of the above. E )Adler Company originally issued 1,000 shares of $10 par value common stock for $20,000 ($20 per share). Adiler later purchases 100 record the sale of the treasury stock, there will be a shares of treasury stock for $17, and then resells the shares for $19 per share. In the entry to debit to Paid-In Capital in Excess of Par for $2,000. A credit to Treasury Stock for $1,000. B credit to Common Stock for $1,700. C credit to Paid-In Capital from Treasury Stock for $200. D E none of the above
