Dividends are first recorded and retained earnings are reduced on A The ex-dividend date B The date of record A. The date of declaration D The date of payment 12. Treasury stock appears as: A An asset account B A liability account expense account A contra-equity account. 13 Of the items listed, which would describe preferred stock A Preferred as to dividends B Preferred as to liquidation nights C Both A & B None of the above 14 Which of the following would be classified as an extraordinary item? A A large gift given to the company B A loss from obsolete inventory C A loss from a natural disaster that affects the company at infrequent intervals D A loss from an law that made inventory unsalable 15. Par value represents The minimum legal value of a share of common stock B. Market price of a share of common stock C. The value of a share of common stock divided by EPS. D Market price divided by book value of a share of stock