nd 31. Use the following information to answer questions 30 a When Calvezt Corporation was formed on January 1, 2010, the corporate charter provided for 50,000 shares of $20 par value common stock. The following transactions were among those engaged En by the corporation during its first month of operation: 1. The corporation issued 200 shares of stock to its lawyer in full payment of the $5, 000 bill for assisting the company in draxing up its articles of ineorporation and filing the proper papers with the state agency 2. The company issued 8, 000 shares of stock at a price of $25 per 3. The company issued 7,000 shares of stock in exchange for share. equipment that had a fair market value of $160,000. 30 The entry to record transaction 2 i A) Cash $ 200,000 Common Stock $ 200,000 B) Cash 200,000 Comnon Stock Additional Paid-in Capital s 160,000 40,000 C) Cash Additional Paid-in Capital Common Stock S 160,000 $ 40,000 s 200, 000 D) Cash $ 160,000 Conmon Stock $ 160, 000 E) None of the above 31 The entry to record transaction 3 is: A) Equipment s 140,000 Common Stock $ 140,000 B) Common Stock s 140, 000 Equipment S 140,000 C) Equipment $ 160,000 Common Stock $ 160, 000 D) Equipment $ 160, 000 Common Stock Additional Paid-in Capital $ 140,000 B) None of the above o, Belmont Corporation had 50, 000 shares of $10 od at $15 per share. On 32 On January 1, 2010, Corpora par value common stock and had been issued in a prior peri 1ssued and outstanding. All 50,000 shares ebruary 1, 2010, Be1mont purchased 2,000 shares of treasury stock for $18 per share and late r sold the treasury shares for $20 per f the share on March 2, 2010. The entry to record the purchase o treasury shares on February 1, 2010, is: A) Cash $ 36, 000 Treasury Stock-Common $ 36, 000 B) Cash $ 36,000 Treasury Stock-Common Gain on Treasury Stock-Common s 30,000 $6,000 C) Treasury Stock, Common $ 30,000 s6,000 Loss on Treasury Stock-Common Cash $ 36,000 D) Treasury Stock, Common $ 36,000 Cash $ 36,000 E) None of the above Use the following information to answer the question below