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Question 7 of 26 - /1.5 = View Policies Current Attempt in Progress A corporation has the following account balances: Common Stock $1 par value $50000; Paid-in Capital in Excess of Par Value, $2560000. Based on this information, the number of shares outstanding is 2610000. number of shares issued is 50000. legal capital is $2610000. average price per share issued is $5.22. Question 9 of 26 -/1.5 E View Policies Current Attempt in Progress Kingbird, Inc. has $24500 of dividends in arrears. Based on this information, which of the following statements is false? An obligation for dividends in arrears exists only after the board of directors declares payment. The investment community looks favorably on companies with dividends in arrears, since the money is redirected toward more important growth opportunities. The amount of dividends in arrears should be disclosed in the notes to the financial statements. Dividends in arrears are not considered to be liabilities. Question 11 of 26 - /1.5 E View Policies Current Attempt in Progress On January 1, Blue Spruce Corp, had 130000 shares of $10 par value common stock outstanding. On March 17 the company declared a 15% stock dividend to stockholders of record on March 20. Market value of the stock was $12 on March 17. The entry to record the transaction of March 17 would include a credit to Common Stock Dividends Distributable for $195000. debit to Common Stock Dividends Distributable for $195000 credit to Stock Dividends for $39000 credit to Cash for $234000. Question 12 of 26 - / 1.5 View Policies Current Attempt in Progress On January 1, Whispering Winds Corp. had 78000 shares of $10 par value common stock outstanding. On May 7, the company declared a 15% stock dividend to stockholders of record on May 21. Market value of the stock was $13 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a debit to Common Stock Dividends Distributable for $152100. credit to Common Stock for $117000. debit to Stock Dividends for $35100. credit to Paid-in Capital in Excess of Par Value for $35100