If Jackson Records issues 3,000 shares of $6 par value common stock for $28,000, the account

	Cash will be credited for $10,000.
	Paid-in Capital in Excess of Par Value-Common Stock will be credited for $10,000.
	Cash will be debited for $21,000.
	Paid-in Capital in Excess of Par Value- Common Stock will be credited for $7,000.

A corporation has 70,000 shares of $20 par value stock outstanding that has a current market value of $110. If the corporation issues a 5-for-1 stock split, the number of shares outstanding will be:

	420,000
	70,000
	35,000
	350,000

If $3,000,000 of 10% bonds are issued at 95, the amount of cash received from the sale is:

Question 10 options:

	$2,850,000
	$3,000,000.
	$3,300,000.
	$3,150,000.

If $1,000,000 of 8% bonds are issued at 105, the amount of cash received from the sale is:

	$1,050,000.
	$1,000,000.
	$1,080,000.
	$950,000.

The date that a cash dividend becomes a binding legal obligation is on the

	payment date.
	declaration date.
	last day of the fiscal year.
	date of record.

If a bond is issued at a discount, it means that the

	financial strength of the issuer is suspect
	market interest rate is higher than the contract interest rate
	market interest rate is lower than the contract interest rate
	bondholder will receive less interest than the contract rate of interest

If Treasury Stock is purchased by the issuing company, what would be true?

	Debit a loss account for $xx,xxx
	Credit Treasury Stock for $xx,xxx
	Credit a gain account for $xx,xxx
	Debit Treasury Stock for $xx,xxx

Treasury Stock is shown on the Balance Sheet as

	Treasury Stock is not shown on the Balance Sheet
	an asset
	an increase to stockholders' equity
	as a decrease in stockholders' equity