d L 1 de 1 m De Or e xx 5 SAINT 1. If common stock is issued for an amount greater than par value, the excess should be credited to a. Cash. b. Retained Earnings. c. Paid-in Capital in Excess of Par Value. d. Legal Capital. 32. If Norben a. Company issues 2,000 shares of $5 par value common stock for $140,000, the account Common Stock will be credited for $140,000. b. Paid-in Capital in Excess of Par Value will be credited for $10,000. c. Paid-in Capital in Excess of Par Value will be credited for $130,000. d. Cash will be debited for $130,000. 33. If Lantz Company issues 3,000 shares of $5 par value common stock for $210,000, the account a. Common Stock will be credited for $15,000. b. Paid-in Capital in Excess of Par Value will be credited for $15,000. c. Paid-in Capital in Excess of Par Value will be credited for $210,000. d. Cash will be debited for $195,000. 34. Treasury Stock reduces stockholders' equity, therefore, it is a(n) a. contra asset account. b. retained earnings account. c. asset account. d. contra stockholders' equity account. 35. The "declaration date" for a cash dividend is: a. When the Board of Directors announces that a dividend will be paid b. Is the date that the dividends to be paid becomes a liability c. Requires a journal entry to be made d. All of the above 36. The "record date" for the payment of a dividend: a. Determines ownership of the stock b. Is necessary because stocks are sold daily c. Does not require a journal entry d. All of the above 37. The "payment date" for a dividend: a. Is the date the dividend is actually paid b. Is the date that ownership is determined c. Is the date that the dividend is declared 38. What is the journal entry to record the declaration of a $15,000 dividend? a. Dividends $15,000 Retained Earnings b. Cash Dividends Payable c. Dividends $15,000 $15,000 5 $15,000 $15,000