If a corporation issues 9,000 shares of $1 par value common stock for $11,000, the journal entry would include a credit to: O A. Common Stock for $9,000. O B. Retained Earnings for $9,000. OC. Paid - in Capital in Excess of Par-Common for $11,000. O D. Common Stock for $11,000. The Home Store reported the following figures: Retained Earnings, February 1, 2019...........$14 million Retained Earnings, February 1, 2018...........$23 million The company's fiscal year ends on February 1 each year. Net income for the fiscal year ending February 1, 2017 is $26 million. What is the amount of dividends declared for the fiscal year ending February 1, 2017? O A. $35 million O B. $3 million O c. $23 million O D. $26 million Wisconsin Bank lends Local Furniture Company $150,000 on November 1. Local Furniture Company signs a $150,000, 9%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: O A. debit Interest Expense and credit Interest Payable for $2,250 OB. debit Interest Payable and credit Cash for $2,250 O C. debit Interest Expense and credit Cash for $2,250 O D. debit Interest Payable and credit Interest Expense for $2,250 Solderman Company issued $460,000, 8%, 10-year bonds for $462,800 with a market rate of 10%. The effective interest method of amortization is used and interest is paid annually. The journal entry on the first interest payment date would include a: O A. credit to Cash of $46,280. OB. credit to Interest Expense of $36,800. O C. credit to Interest Expense of $46,280. OD. credit to Cash of $36,800. On January 1, 2018, bonds with a face value of $109,000 were sold. The bonds mature on January 1, 2028. The face interest rate is 6%. The bonds pay interest semiannually on July 1 and January 1. The market rate of interest is 12%. What is the market price of the bonds on January 1, 2018? The present value of $1 for 20 periods at 6% is 0.312. The present value of an ordinary annuity of $1 for 20 periods at 6% is 11.47. The present value of $1 for 20 periods at 3% is 0.554. The present value of an ordinary annuity of $1 for 20 periods at 3% is 14.878. (Round your final answer to the nearest dollar.) O A. $112,270 OB. $109,000 OC. $71,515 OD. $109,037 Kathy's Corner Store has total cash sales for the month of $36,000 excluding sales taxes. If the sales tax rate is 4%, which journal entry is needed? (Ignore Cost of Goods Sold.) O A. debit Cash $36,000 and credit Sales Revenue $36,000 O B. debit Cash $34,560, debit Sales Tax Receivable for $1,440 and credit Sales Revenue for $36,000 OC. debit Cash $37.440, credit Sales Revenue $36,000 and credit Sales Tax Payable $1,440 O D. debit Cash $37.440, credit Sales Revenue $37.440 Mariano Corporation sells 12,000 units of inventory during the first year of operations for $400 each. Mariano provides a one-year warranty on parts. It is estimated that 3% of the units will be defective and that repair costs are estimated to be $40 per unit. In the year of sale, warranty contracts are honored on 60 units for a total cost of $2,400. What amount will be reported as Estimated Warranty Liability at the end of the year? O A. $14,400 O B. $2,880 O C. $12,000 OD. $2,400 Lewandowski Company reports the following information at the current fiscal year end of December 31: Common Stock, $0.10 par value per share Paid - in Capital in Excess of Par - Common Retained Earnings Total Stockholders' Equity $98 million 300 million 900 million $1,298 million What is the total paid - in capital for this company at December 31 of the current year? O A. $1,298 million O B. $998 million O c. $398 million O D. $98 million What is the future value of a single $5,100 investment today that pays interest of 8% compounded annually for the next 3 years? (Round all intermediary calculations and final calculations to the nearest whole dollar.) O A. $6,425 O B. $5,949 O C. $5,508 OD. $5,100 Badger Corporation issued 10,000 shares of its $5 par value common stock in payment for attorney services billed at $130,000. Badger Corporation's stock has been actively trading at $13 per share. The journal entry for this transaction would include a: O A. debit to Legal Expense $50,000. OB. credit to Common Stock $80,000. OC. credit to Paid - in Capital in Excess of Par Common $130,000 OD. debit to Legal Expense $130,000. Peter's Computers purchased 1,000 shares of its own $3 par value common stock for $92,000. As a result of this transaction: O A. Peter's stockholders' equity decreased $92,000. O B. Peter's stockholders' equity increased $89,000. OC. Peter's stockholders' equity increased $92,000. OD. Peter's stockholders' equity increased $3,000. David Corporation issued $80,000, 5-year bonds at 98 on January 1, 2016. On December 31, 2020, the bonds matured. The payment of the bonds at maturity would be reported on the statement of cash flows as a cash outflow of: O A. $80,000 in the investing activities section. OB. $78,400 in the financing activities section. O C. $80,000 in the financing activities section OD. $78,400 in the investing activities