If Everly Company issues 1,000 shares of $5 par value common stock for $75,000, the account Common Stock will be credited for $75.000. Paid-in Capital in excess of Par Value will be credited foe $5,000. Paid-in Capital in excess of Par Value will be credited for $70,000. Cash will be debited for $70,000. The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $70 per share. The entry to record the transaction will consist of a debit to Cash for $700,000 and a credit or credits to Preferred Stock for $700,000. Preferred stock for $500,000 and Paid-in Capital in Excess of Par Value ___ Preferred Stock for $200,000. Preferred Stock for $500,000 and Retained Earnings for $200,000. Paid-in Capital from Preferred Stock for $700,000. On January 1, 2013. Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 2013, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 2013. The journal entry to record the purchase of the treasury shares on February 1, 2013, would include a credit to Treasury Stock for $48,000. debit to Treasury Stock for $48,000. debit to a loss account for S6,000 credit to a gain account for $6,000. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared? $60,000 $5,000 $100,000 $55,000 Miriah Inc. has 6,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2012. What is the annual dividend on the preferred stock? $50 per share $30,000 in total $300 in total $0.50 per share Which of the following is not a prerequisite to paying a cash dividend? formal action by the board of directors market value in excess of par value per share sufficient cash sufficient retained earnings The liability for a dividend is recorded on which of the following dates? the date of record the date of payment the date of announcement the date of declaration