Completion Status: Solar Components Incorporated has 50,000 shares of $2 par value common stock outstanding. Solar Components declares a 5% stock dividend on July 1 when the stock's market value is $12 per share. The stock dividend is distributed on July 20. The journal entry for the distribution of the stock dividend is: OA Retained Earnings Account Title Common Stock Dividend Distributable Debit 30,000 Credit 30,000 Account Title Debit Credit B. Common Stock, $2 Par Value 5,000 Common Stock Dividend Distributable 5,000 Account Title Debit Credit C. Common Dividend Payable 30,000 Cash 30,000 Account Title Debit Credit D Common Stock Dividend Distributable Common Stock, $2 Par Value 5,000 5,000 Click Save and Cub E. None of the other responses are correct QUESTION 9 Retained earnings OA. Is the cumulative net income (and loss) not distributed as dividends to its stockholders. B. Represent an amount of cash available to pay shareholders OC. Represents the amount shareholders are guaranteed to receive upon company liquidation. D. Are never adjusted for anything other than net income or dividends. OE. Can only be appropriated by setting aside a cash fund. Question Completion Status: nas. QUESTION 10 Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issued 220 shares to its attorneys in payment of a $4,200 charge for drawing up the articles of incorporation. The entry to record this transaction would include: A. A credit to Common Stock for $4,200. B. A debit to Organization Expenses for $2,200. OC. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $4,200. OD. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $2,000. E. A debit to Organization Expenses for $4,200. QUESTION 11 Alvarez Company is preparing the company's statement of cash flows for the fiscal year just ended. The following maining Question Completion Status: 20 QUESTION 11 Alvarez Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year The ending balance in retained earnings is: $308,000 68,750 118,000 6,750 30,250 37,500 151,250 QUESTION 12 A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. The company's current assets and current liabilities showed the following changes: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased