If common stock is issued for an amount greater than par value, the excess should be credited to O Cash. O Retained Earnings. O Legal Capital. O Paid-in Capital in Excess of Par.Paid-In Capital in Excess of Stated Value O is credited when no-par stock does not have a stated value. O normally has a debit balance. represents the amount of legal capital. O is reported as part of paid-in capital on the balance sheet.A separate paid-in capital account is used to record each of the following except the issuance of O stated value stock O treasury stock above cost. O no-par stock. par value stockIf Concord Company issues 8900 shares of $5 par value common stock for $160700, the account O Common Stock will be credited for $44500. Paid-in Capital in Excess of Par will be credited for $160700. O Paid-in Capital in Excess of Par will be credited for $44500. O Cash will be debited for $116200.The date on which a cash dividend becomes a binding legal obligation is on the O last day of the fiscal year-end. O date of record. O declaration date. O payment date.The cumulative effect of the declaration and payment of a cash dividend on a company's financial statements is to O increase total expenses and total liabilities. O decrease total liabilities and stockholders' equity. O decrease total assets and stockholders' equity. O increase total assets and stockholders' equity.\fThe cumulative effect of the declaration and distribution of a stock dividend on a company's balance sheet is to decrease retained earnings and increase paid-in capital. increase assets and stockholders' equity. O decrease current liabilities and stockholders' equity. O decrease paid-in capital and stockholders' equity.The payment of a dividend (O decreases stockholders equity and increases liabilities. O decreases stockholders' equity and total assets. O decreases current assets and current liabilities. O does not require a journal entry.On the dividend record date. O no entry is required. O dividends Payable is debited. an entry may be required if it is a stock dividend, a dividend becomes a current obligation.Dividends Payable is classified as a O long-term liability. O current liability. (O contre stockholders' equity account to Retained Earnings. (0 stockholders equity account.Of the various dividends types, the two most common types in practice are O cash and small stock. O property and small stock. O cash and property. O cash and large stockA small stock dividend is defined as ( less than 20-25% of the corporation's issued stock. O less than 30% but greater than 25% of the corporation's issued stock O between 50% and 100% of the corporation's issued stock. O more than 30%% of the corporation's issued stock.A stockholder who receives a stock dividend would O own more shares of stock O expect retained earnings to increase. O expect the market price per share to increase. O expect the par value of the stock to change.When stock dividends are distributed, O Paid-in Capital in Excess of Par is debited if it is a small stock dividend. O no entry is necessary if it is a large stock dividend. O Retained Earnings is decreased. O Common Stock Dividends Distributable is decreased