Hello, I need a breakdown of each question on this practice test i have. All the answers are on it, i just need a breakdown of how to get to that answer, especially for par value and under/overstated questions. I don't need it for the closing entries part. Thank you very much, this will be very helpful in studying.

x Fin:!1 Examinatio n X ACCT 350 I'ART I - j\\"l ULTlVL[ C HO ICE (5 points each) Instructions: (I) Sel ect the best answer and enter it on your SCANTRON. (2) Assume the use of accrual accounting unless st,lted otherwise in the problem. (3) You may wrile on the examinmion questions and on the paper attached. 00 nol use your own paper. All paper mUSI be turned in with you r exam. (4) Assume the use orthe periodic invemory system unless Slated otherwise in the problem. [. Data Corporation issued 1,000 shares of $2 par value common stock for S10 per share. The journal entry to record the issue of the common stock is: a. Cash 10,000 10,000 Common Stock b. Casb Paid-i n Capital in Excess of Par Value 2,000 8,000 10,000 Cornmon Slock c. C..sil 10,000 8,000 2,000 Common Stock Retained Earnings d. e. Cash Common SlOck P;tid-in Capi lal in Excess of Par Value None of these 10,000 2,000 8,000 2. A piece of equipment with a cost o f S 11 ,000, a useful life of 5 years, and a sa lvage val ue ofS I.OOO is depreciated using the straight-line method. On the first day of the fourth year, the equipment is sold for 54,000. Using this information, compute the gain or loss on the s