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Take Test: Chapter 14: Interactive Quiz B Content: Long-Term Liabilities Instructions Name Chapter 14: Interactive Quiz B Instructions Multiple Attempts Not allowed. This Test can only be taken once. Force Completion This Test can be saved and resumed later. Question Completion Status: Test/Survey Status 1 2 3 4 5 6 7 8 9 10 Q uestion 1 Question 1 1. Jason Corporation has issued 500, $1,000, 12% bonds payable. Due to the market interest rate, the company was able to issue these bonds at a price of 104.25 per bond. How much did the company collect in cash when these bonds were issued? Answer $500,000. $52,125. $521,250. $505,000. None of the above. 0 .5 points Q uestion 2 Question 2 1. A company has been authorized to issue 1,000, 12%, $500 bonds which mature in 8 years. The issue date is January 1, 2010 and the maturity date is January 1, 2017. The bonds are issued at par. What is the annual interest expense that the company incurs and what is the book value of the bonds on January 1, 2014 after the bonds have been outstanding for four years? Answer $30,000 and $100,000. $60,000 and $500,000. $60,000 and $250,000. $30,000 and $500,000. None of the above. 0 .5 points Q uestion 3 Question 3 1. Which conditions in the bond market will cause the bonds to be issued at a premium? Answer When the market rate of interest is equal to the bond's stated rate of interest. When the market rate of interest is equal to the bond's nominal rate of interest. When the market rate of interest is lower than the contract rate of interest. When the market rate of interest is higher than the contract rate of interest. None of the above. 0 .5 points Q uestion 4 Question 4 1. When bonds are issued at a discount, the recorded amount of bond interest expense for a given time period bears what relationship to the amount of bond interest payable for the same time period? Answer The recorded amount of bond interest expense is the same as the amount of bond interest payable The recorded amount of bond interest expense is lower than the amount of bond interest payable. The recorded amount of bond interest expense is higher than the amount of bond interest payable. There is absolutely no relationship between the amount of recorded bond interest expense and the bond interest payable. None of the above. 0 .5 points Q uestion 5 Question 5 1. The contract rate of interest is also called the: Answer Coupon rate. Stated rate. Nominal rate. Market rate. Each of A, B, and C. 0 .5 points Q uestion 6 Question 6 1. The Discount on Bonds Payable account is: Answer A liability. A contra liability. An expense. A contra expense. A contra equity. 0 .5 points Q uestion 7 Question 7 1. The market value of a bond is equal to: Answer The present value of all future cash payments provided by a bond. The present value of all future interest payments provided by a bond. The present value of the principal for an interest-bearing bond. The future value of all future cash payments provided by a bond. The future value of all future interest payments provided by a bond. 0 .5 points Q uestion 8 Question 8 1. Adidas issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adidas received $206,948 in cash proceeds. Which of the following statements is true? Answer Adidas must pay $200,000 at maturity and no interest payments. Adidas must pay $206,948 at maturity and no interest payments. Adidas must pay $200,000 at maturity plus 20 interest payments of $8,000 each. Adidas must pay $206,948 at maturity plus 20 interest payments of $8,000 each. Adidas must pay $200,000 at maturity plus 20 interest payments of $7,500 each. 0 .5 points Q uestion 9 Question 9 1. A company issued 5year, 7% bonds with a par value of $100,000. The market rate when the bonds were issued was 6.5%. The company received $101,137 cash for the bonds. Using the effective interest method, the amount of recorded interest expense for the first semiannual interest period is: Answer $3,500.00. $7,000.00 $3,286.95. $6,573.90 $1,750.00 0 .5 points Q uestion 10 Question 10 1. On January 1, 2009, Merrill Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note require Merrill to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, 2009 is: Answer Take Test: Chapter 15: Interactive Quiz B Content: Investments and International Operations Instructions Name Chapter 15: Interactive Quiz B Instructions Multiple Attempts Not allowed. This Test can only be taken once. Force Completion This Test can be saved and resumed later. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 Test/Survey Status Q uestion 1 Question 1 1. For available-for-sale securities, the receipt of dividends from the investee (not previously accrued as Dividends Receivable) requires a journal entry that includes which of the following? Answer A credit to Dividend Revenue. A credit to Available-for-Sale Securities. A credit to Cash. A debit to Loss on Sale of Available-for-Sale Securities. A debit to Dividend Revenue. 0 .5 points Q uestion 2 Question 2 1. Short-term investments: Answer Are securities that management intends to convert to cash within the longer of one year or the curre operating cycle, and are readily convertible to cash. Include funds earmarked for a special purpose such as bond sinking funds. Include stocks not intended to be converted into cash. Include bonds not intended to be converted into cash. Include sinking funds not intended to be converted into cash. 0 .5 points Q uestion 3 Question 3 1. Long-term investments are reported in the: Answer Current asset section of the balance sheet. Intangible asset section of the balance sheet. Non-current section of the balance sheet called long-term investments. Plant assets section of the balance sheet. Equity section of the balance sheet. 0 .5 points Q uestion 4 Question 4 1. Equity securities are: Answer Recorded at cost to acquire them plus accrued interest. Recorded at cost to acquire them plus dividends earned. Recorded at cost to acquire them. Not recorded until dividends are received. Not recorded until interest is received. 0 .5 points Q uestion 5 Question 5 1. Debt securities: Answer Can be short-term investments. Can be long-term investments. Can have a cost higher than the maturity value of the debt security. Can have a cost lower than the maturity value of the debt security. All of these. 0 .5 points Q uestion 6 Question 6 1. Everrine Corporation owns 3,000 shares of JRW Corporation. JRW Corporation has 25,000 shares of stock outstanding. JRW paid $4 per share in cash dividends to its stockholders. The entry to record the receipt of these dividends is: Answer Debit Cash, $12,000; credit Long-Term Investments, $12,000. Debt Long-Term Investment, $12,000; credit Cash, $12,000. Debit Cash, $12,000; credit Dividend Revenue, $12,000. Debit Unrealized Gain-Equity, $12,000; credit Cash, $12,000. Debit Cash, $12,000; credit Unrealized Gain-Equity, $12,000. 0 .5 points Q uestion 7 Question 7 1. Griggs Company holds $50,000 of 8% bonds as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment? Answer debit Cash, $4,000; credit Long-Term InvestmentsHTM, $4,000. debt Cash, $2,000; credit Long-Term InvestmentsHTM, $2000. debit Cash, $2,000; credit Interest Revenue, $2,000. debit Unrealized Gain-Equity, $2,000; credit Cash, $2,000. debit Cash, $4,000; credit Unrealized Gain-Equity, $4,000. 0 .5 points Q uestion 8 Question 8 1. Available-for-sale equity securities: Answer Are recorded at cost when acquired. May earn dividends that are reported in that year's income statement. May be classified as either short-term or long-term securities. Are reported at market value on the balance sheet. All of these. 0 .5 points Q uestion 9 Question 9 1. Morgan Company purchased 2,000 shares of Asta's common stock for $143,000 as a longterm investment. This investment is considered availablefor-sale. The par value of the stock was $1 per share. Morgan paid $375 in commissions on the transaction. The entry to record the transaction would include a: Answer Credit to Common Stock for $2,000. Credit to Common Stock for $143,000. Credit to Common Stock for $143,375. Debit to Long-Term Investments for $143,000. Debit to Long-Term Investments for $143,375. 0 .5 points Q uestion 10 Question 10 1. Six months ago, a company purchased an investment in stock for $65,000. This investment is considered availablefor-sale. The current market value of the stock is $68,500. The company should record a: Answer Debit to Unrealized Loss-Equity for $3,500. Credit to Unrealized Gain-Equity for $3,500. Debit to Investment Revenue for $3,500. Credit to Market Adjustment - Available-for-Sale for $3,500. Credit to Investment Revenue for $3,500. Take Test: Chapter 16: Interactive Quiz B Content: Reporting the Statement of Cash Flows Instructions Name Chapter 16: Interactive Quiz B Instructions Multiple Attempts Not allowed. This Test can only be taken once. Force Completion This Test can be saved and resumed later. Question Completion Status: Test/Survey Status 1 2 3 4 5 6 7 8 9 10 Q uestion 1 Question 1 1. Which of the following activities is an operating activity? Answer Issuing bonds at their face amount. Issuing stock in complete payment of a fixed asset. Purchasing the common stock of another corporation as an investment. Purchasing merchandise inventory for resale to customers. Paying off a long-term mortgage note payable. 0 .5 points Q uestion 2 Question 2 1. Which of the following transactions would be considered an investing activity? Answer Issuing common stock for cash. Purchase of a new piece of equipment. Paying off principal of a long term notes payable. Borrowing money by signing a long term notes payable at the local bank. The sale of inventory to a customer for cash. 0 .5 points Q uestion 3 Question 3 1. Which of the following activities is a financing activity? Answer Borrowing money. Paying back a loan to the bank. The payment of a cash dividend. Issuing common stock. All of the above are financing activities. 0 .5 points Q uestion 4 Question 4 1. Which of the following activities would be reported on a schedule of non-cash investing and financing activities? Answer Convertible preferred stock was converted to common stock. A building was purchased solely with cash. Common stock was issued on the New York Stock Exchange. Long term notes payable paid off two years before due date. Selling inventory for cash. 0 .5 points Q uestion 5 Question 5 1. When preparing the operating section of the statement of cash flows using the indirect method, which of the following would be added to net income? Answer Gain on sale of equipment. Depreciation expense. Depletion expense. A loss on the sale of an asset. All of the above would be added back to net income except the gain on the sale of equipment. 0 .5 points Q uestion 6 Question 6 1. Which of the following statements is not true about computing cash flows from operating activities using the indirect method? Answer An increase in current liabilities is added to net income. An increase in current assets is subtracted from net income. A decrease in current liabilities is subtracted from net income. A decrease in current assets is added to net income. None of the above. 0 .5 points Q uestion 7 Question 7 1. The cash provided from operations was $92,000. The net increase in cash was $88,000. If the net cash inflow from financing activities was $60,000, then what was the net cash flow from investing activities? Answer A net inflow of $64,000. A net outflow of $56,000. A net inflow of $4,000. A net outflow of $64,000. None of the above. 0 .5 points Q uestion 8 Question 8 1. The statement of cash flows reports: Answer Cash flows from operating activities. Cash flows from financing activities. Cash flows from investing activities. Significant noncash financing and investing activities. All of these. 0 .5 points Q uestion 9 Question 9 1. If a company borrows money from a bank, the interest paid on this loan should be reported on the statement of cash flows as a(n): Answer Operating activity. Investing activity. Financing activity. Noncash investing and financing activity. None of these. This is not reported in the statement of cash flows. 0 .5 points Q uestion 10 Question 10 1. The statement of cash flows helps address questions such as Answer How is the increase in investments financed? What is the source of cash for new plant assets? How much cash is generated from or used in operations? Why is cash flow from operations different from income? All of these. Take Test: Chapter 17: Interactive Quiz B Content: Analysis of Financial Statements Instructions Name Chapter 17: Interactive Quiz B Instructions Multiple Attempts Not allowed. This Test can only be taken once. Force Completion This Test can be saved and resumed later. Question Completion Status: 1 2 3 4 5 6 7 8 9 10 Q uestion 1 Question 1 Test/Survey Status 1. Which of the following group or groups of people are not considered to be the external users of accounting information? Answer The Internal Revenue Service. The bank loan office. The corporation's shareholders. The firm's customer base. The internal auditors. 0 .5 points Q uestion 2 Question 2 1. Which statement about comparative financial statements is true? Answer Although it is possible to present comparative balances sheets, it is not possible to present compara income statements. It is only possible to present two comparative time periods on the same set of financial statements. If any particular item, such as Accounts Receivable, appears in one set of financial statements but d appear in another set of financial statements, then the company may not use these two sets of finan statements as comparative financial statements. It is possible to present comparative financial statements that span more than two years. None of these statements are true. 0 .5 points Q uestion 3 Question 3 1. Net sales were $405,000, and the accounts receivable turnover was 7.5 times. What are the average accounts receivable? Answer $55,000. $467,500. $3,037,500. $54,000. None of the above. 0 .5 points Q uestion 4 Question 4 1. The cost of goods sold was $1,350,000. Beginning and ending inventory balances were $100,000 and $125,000, respectively. What was the inventory turnover? Answer 12.0 times. 8.0 times. 7.5 times. 6.0 times. None of the above. 0 .5 points Q uestion 5 Question 5 1. Days' sales in inventory is 73.0. The cost of goods sold is $900,000. The net sales are $1,160,000. The beginning inventory was $150,000. What is the ending inventory? Answer $320,000. $180,000. $118,000. $126,000. None of the above. 0 .5 points Q uestion 6 Question 6 1. Which is true of common-size comparative statements? Answer Each item is shown as a percentage of some total of which it is a part. Dollar amounts are generally not shown on these statements. The net change in each item, on a year-to-year basis, is always shown. Total liabilities are used as a total against which all liabilities are measured. Retained earnings are shown as a percentage of total liabilities. 0 .5 points Q uestion 7 Question 7 1. Which of the following are tools to be used in financial analysis? Answer Ratio analysis. Vertical analysis. Horizontal analysis. All of the above. None of the above. 0 .5 points Q uestion 8 Question 8 1. Which of the following ratios would be considered a measurement of shortterm liquidity? Answer Acid-test ratio. Times interest earned. Debt ratio. Return on equity. Earnings per share. 0 .5 points Q uestion 9 Question 9 1. The average number of times a company's inventory is sold during an accounting period, calculated by dividing cost of goods sold by the average inventory balance, is the: Answer Accounts receivable turnover. Inventory turnover. Days' sales uncollected. Current ratio. Price earnings ratio. 0 .5 points Q uestion 10 Question 10 1. A component of operating efficiency and profitability, calculated by expressing net income as a percent of net sales, is the: Answer Acid-test ratio. Merchandise turnover. Price earnings ratio. Accounts receivable turnover. Profit margin ratio. Take Test: Chapter 18: Interactive Quiz B Content: Managerial Accounting Concepts and Principles Instructions Name Chapter 18: Interactive Quiz B Instructions Multiple Attempts Not allowed. This Test can only be taken once. Force Completion This Test can be saved and resumed later. Question Completion Status: Test/Survey Status 1 2 3 4 5 6 7 8 9 10 Q uestion 1 Question 1 1. Which of the following is true about the characteristics of managerial accounting? Answer It is geared toward the need of external users and decision makers. It is very structured and controlled by GAAP. It uses many projections and estimates. Historical information is also presented. It emphasizes the whole organization. None of the above. 0 .5 points Q uestion 2 Question 2 1. Which of the following would be a common user of managerial accounting information? Answer Investors. Creditors. Analysts. Regulators. None of the above. 0 .5 points Q uestion 3 Question 3 1. An organization can classify costs on the basis of their: Answer Behavior. Traceability. Controllability. Relevance and function. All of the above. 0 .5 points Q uestion 4 Question 4 1. Which of the following is true with respect to a variable cost? Answer It changes in proportion to changes in the volume of activity. It remains constant even if activity levels change. It has an inverse relationship to sales and production levels. Variable costs are not important in manufacturing environments. None of the above. 0 .5 points Q uestion 5 Question 5 1. Which of the following inventory accounts would be found on a manufacturer's balance sheet? Answer Goods in process Inventory. Raw materials inventory. Finished goods inventory. All of the above. None of the above. 0 .5 points Q uestion 6 Question 6 1. Which of the following is a characteristic of a direct material cost? Answer It is a tangible component of a finished product. It is an expenditure for materials that can be separately and readily traced through the manufacturin to the finished good. Examples (for a bike) would include tires, seat, frame, and handlebars. The direct materials make up about 45% of manufacturing costs in today's products. All of the above. 0 .5 points Q uestion 7 Question 7 1. Which of the following is true with respect to factory overhead costs? Answer They include direct labor and direct materials. They can be readily traced into the finished products. They include selling and administrative expenses. They are classified as product costs. None of the above. 0 .5 points Q uestion 8 Question 8 1. Salaries of sales personnel who are paid on a commission only basis are which type of cost? Answer Fixed. Variable. Mixed. Step-wise. None of the above. 0 .5 points Q uestion 9 Question 9 1. Which of the following is an example of a period cost? Answer Factory electricity. Depreciation on the factory equipment. Salary of the CEO. Salary of the line worker. None of the above. 0 .5 points Q uestion 10 Question 10 1. Direct materials cost is $240,000. Direct labor cost is $120,000. Beginning goods in process were $45,000. Ending goods in process are $60,000. The cost of goods manufactured is $450,000. What are the factory overhead costs? Answer $ 75,000. $105,000. $165,000. $180,000. Cannot be determined. Assignment Worksheet Online Homework System Name: ____________________________ Class #: ____________________________ Instructor: 10/29/10 - 2:14 AM ACC212 Class: Section #: ____________________________ Assignment: Chapter 13 Question 1: (1 point) Exercise 13-3: Recording stock issuances L.O. P1 Prepare journal entries to record the following four separate issuances of stock your response): Required: 1 . A corporation issued 2,500 shares of no-par common stock to its promoters in efforts, estimated to be worth $43,500. The stock has no stated value. General Journal Debit ___________ __________ __________ 2 . A corporation issued 2,500 shares of no-par common stock to its promoters in efforts, estimated to be worth $43,500. The stock has a $2 per share stated v General Journal Debit ___________ __________ __________ __________ 3 . A corporation issued 5,000 shares of $30 par value common stock for $180,0 General Journal Debit ___________ __________ __________ __________ 4 . A corporation issued 1,250 shares of $100 par value preferred stock for $168 General Journal __________ __________ __________ Debit ___________ E13_3_id8 E13_3_id10 E13_3_id14 E13_3_id16 E13_3_id20 E13_3_id22 Question 2: (1 point) Exercise 13-8: Dividends on common and noncumulative preferred stock L.O Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% pre par value and (b) 32,500 shares of common stock with a $1 par value. During its f operation, the corporation declared and paid the following total cash dividends. 2009 $ 2010 8,00 0 24,0 00 Question 3: (1 point) Exercise 13-9: Dividends on common and cumulative preferred stock L.O. P4 Norton's outstanding stock consists of (a) 13,000 shares of cumulative 8% preferre value and (b) 32,500 shares of common stock with a $1 par value. During its first f the corporation declared and paid the following total cash dividends. $ 2009 8,00 0 2010 24,0 00 2011 120, 000 $ 2012 197, 000 Requirement 1: Determine the amount of dividends paid each year to each of the two class assuming that the preferred stock is cumulative. (Leave no cells blank - be c wherever required. Omit the "$" sign in your response.) Preferr ed 2009 ___________ Common ___________ _ _ 2010 ___________ _ ___________ _ 2011 ___________ _ ___________ _ 2012 ___________ _ ___________ _ Requirement 2: Compute the total dividends paid to each class for the four years combined. your response.) Preferred Total dividends for four years Common ___________ _ ___________ _ Question 4: (1 point) Exercise 13-16: Book value per share L.O. A4 The equity section of Westchester Corporation's balance sheet shows the followin Preferred stock6% cumulative, $30 par value, $35 call price,10,000 shares issued and outstanding Common stock$10 par value, 35,000 shares issued and outstanding Retained earnings Total stockholders' equity Determine the book value per share of the preferred and common stock under two situations. (Round your answers to 2 decimal places. Omit the "$" sign in you Requirement 1: No preferred dividends are in arrears. Book value of preferred stock ___________ _ Book value of common stock ___________ _ Requirement 2: Three years of preferred dividends are in arrears. Book value of preferred stock $ ___________ _ Book value of common stock $ ___________ _ Question 5: (1 point) Problem 13-2A: Cash dividends, treasury stock, and statement of retained earnings L.O. C2, C4, P2, P5 Rocklin Corporation reports the following components of stockholders' equity on December 31, 2009. Common stock$25 par value, 100,000 shares authorized, 45,000 shares issued and outstanding 1,125, 000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 460,00 0 Total stockholders' equity 1,645, 000 In year 2010, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $3 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $29 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $3 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement 1: Prepare journal entries to record each of these transactions for 2010. response.) Date Jan. 1 General Journal __________ __________ Assignment Worksheet Online Homework System Name: ____________________________ Class #: ____________________________ Instructor: 10/29/10 - 2:14 AM ACC212 Class: Section #: ____________________________ Assignment: Chapter 13 Question 1: (1 point) Exercise 13-3: Recording stock issuances L.O. P1 Prepare journal entries to record the following four separate issuances of stock your response): Required: 1 . A corporation issued 2,500 shares of no-par common stock to its promoters in efforts, estimated to be worth $43,500. The stock has no stated value. General Journal Debit ___________ __________ __________ 2 . A corporation issued 2,500 shares of no-par common stock to its promoters in efforts, estimated to be worth $43,500. The stock has a $2 per share stated v General Journal Debit ___________ __________ __________ __________ 3 . A corporation issued 5,000 shares of $30 par value common stock for $180,0 General Journal Debit ___________ __________ __________ __________ 4 . A corporation issued 1,250 shares of $100 par value preferred stock for $168 General Journal __________ __________ __________ Debit ___________ E13_3_id8 E13_3_id10 E13_3_id14 E13_3_id16 E13_3_id20 E13_3_id22 Question 2: (1 point) Exercise 13-8: Dividends on common and noncumulative preferred stock L.O Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% pre par value and (b) 32,500 shares of common stock with a $1 par value. During its f operation, the corporation declared and paid the following total cash dividends. 2009 $ 2010 8,00 0 24,0 00 Question 3: (1 point) Exercise 13-9: Dividends on common and cumulative preferred stock L.O. P4 Norton's outstanding stock consists of (a) 13,000 shares of cumulative 8% preferre value and (b) 32,500 shares of common stock with a $1 par value. During its first f the corporation declared and paid the following total cash dividends. $ 2009 8,00 0 2010 24,0 00 2011 120, 000 $ 2012 197, 000 Requirement 1: Determine the amount of dividends paid each year to each of the two class assuming that the preferred stock is cumulative. (Leave no cells blank - be c wherever required. Omit the "$" sign in your response.) Preferr ed 2009 ___________ Common ___________ _ _ 2010 ___________ _ ___________ _ 2011 ___________ _ ___________ _ 2012 ___________ _ ___________ _ Requirement 2: Compute the total dividends paid to each class for the four years combined. your response.) Preferred Total dividends for four years Common ___________ _ ___________ _ Question 4: (1 point) Exercise 13-16: Book value per share L.O. A4 The equity section of Westchester Corporation's balance sheet shows the followin Preferred stock6% cumulative, $30 par value, $35 call price,10,000 shares issued and outstanding Common stock$10 par value, 35,000 shares issued and outstanding Retained earnings Total stockholders' equity Determine the book value per share of the preferred and common stock under two situations. (Round your answers to 2 decimal places. Omit the "$" sign in you Requirement 1: No preferred dividends are in arrears. Book value of preferred stock ___________ _ Book value of common stock ___________ _ Requirement 2: Three years of preferred dividends are in arrears. Book value of preferred stock $ ___________ _ Book value of common stock $ ___________ _ Question 5: (1 point) Problem 13-2A: Cash dividends, treasury stock, and statement of retained earnings L.O. C2, C4, P2, P5 Rocklin Corporation reports the following components of stockholders' equity on December 31, 2009. Common stock$25 par value, 100,000 shares authorized, 45,000 shares issued and outstanding 1,125, 000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 460,00 0 Total stockholders' equity 1,645, 000 In year 2010, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $3 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $29 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $22 cash per share. Sept. 5 Directors declared a $3 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement 1: Prepare journal entries to record each of these transactions for 2010. response.) Date Jan. 1 General Journal __________ __________

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