Ordinary shareholders usually have all these rights, EXCEPT

To elect the board of directors

To share the net, income

To share the assets upon liquidation

To participate in the day to day Operations

On June 1, the company's shares were sold on a subscription basis at a price in excess of par value and 40% of the subscription price was collected. On August 1, the remaining 60% of the subscription price was collected. Share Premium is credited on

June 1 - Yes; August 1 Yes

June 1 - No; August 1 Yes

June 1 - No; August 1 No

June 1 - Yes; August 1 No

Cash dividends are paid based on the number of shares

Authorized

Issued

Outstanding less the number of treasury shares

Outstanding

When an ordinary share is issued in exchange for services or non-cash assets, the transaction should be primarily recorded at

The fair market value of the services or non-cash assets received

The fair value of the services or non-cash assets received, unless the fair value of ordinary share issued is more reliably determinable

The fair value of the ordinary share issued

The carrying amount of the ordinary share issued

Which of the following is NOT true about treasury shares?

Treasury shares are issued shares

Treasury share are entitled to dividends.

The Treasury Shares account balance reduces total, shareholders' equity.

Treasury Sharee are not outstanding shares.