Authorized share capital represents: a. The dollar value of the shares authorized to be recorded. b. The quantity of shares authorized to be issued. c. The number of shares in circulation and owned by shareholders. d. The amount authorized for journal entry posting. If two classes of shares are issued for a single payment a. Each class of share is valued according to its fair value first. b. No journal entry can be made. c. Each class of share is valued in proportion to its quantity issued. d. This would never occur. When shares are reacquired at a cost less than the average per share value, the difference is credited to a. Retained Earnings. b. Gain on Reacquisition of Shares. c. Contributed Surplus. d. the appropriate share capital account. When shares are reacquired, they are a. Recorded in a memorandum entry. b. Kept aside by the company to own directly. c. This would never occur. d. Cancelled and restored to the status of authorized but unissued shares