please answer the following multiple choice questions

20. The following information is from the balance sheet of Tudor Corporation as of December 31, 2014 Preferred stock, S100 par Paid-in capital in excess of par preferred Common stock, SI par Paid-in capital in excess of par common Retained earnings Total stockholders' equity What was the average issue price of the common stock shares? A) S1.90 B) $1.00 C) $3.00 D) S13.15 $ 500,000 35,000 190,000 380,000 131.500 SL236.500 21. Dallkin Corporation issucd 5,000 shares of common stock on January 1, 2013. The stock has no par value and was sold at S18 per share. The journal entry for this transaction would: A) debit Cash $90,000 and credit Common stock $90,000. B) debit Cash $90,000 and credit Paid-in capital S600,000. C) credit Cash S90,000 and debit Common stock $90,000. D) credit Cash S90,000, debit Paid-in capital S5,000, and debit Common stock $85,000. 22. Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of s0.01 per share and was sold for cash at par. The journal entry to record this transaction would: A) debit Cash S100 and credit Common stock $100. B) credit Cash $10,000 and debit Common stock $10,000. C) debit Paid-in capital $9,900,and credit Common stock $9,900. D) debit Cash $10,000, credit Common stock $100, and credit Paid-in capital $9,900. 23. Chaney Corporation issued 20,000 shares of common stock on January 1, 2014. The stock has par value of $1.00 per share and was sold at S30 per share. The journal entry for this transaction would: A) credit Cash $600,000, debit Common stock $20,000, and debit Paid-in capital $580,000. B) debit Cash S600,000 and credit Paid-in capital S600,000. C) debit Cash S600,000, credit Common stock $20,000, and credit Paid-in capital S580,000 D) debit Cash S600,000 and credit Common stock S600,000. 24. On which of the following dates do dividends become a liability of a corporation? A) On the declaration date B) On the date of record C) At the end of the fiscal year D) On the payment date 25. Lemer Company had the following transactions in 2013, its first year of operations Issued 20,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $14.00 per share. Issued 1,000 shares of S100 par value preferred stock. Shares were issued at par. Eamed net income of $35,000. Paid no dividends Page 5 of 7 At ead of 2013, what is the total amount of Stockholders' equity? A S4 5.00 B S120,00 Paid no dividends Page 5 of 7 6 of 7 At the end of 2013, what is the total amount of Stockholders' equity? A) $415,000 B) S120,000 C) S260,000 D) $380,000 26. A corporation has 10,000 shares of 10%, $50 par noncumulative preferred stock outstanding and 20,000 shares of no-par common stock outstanding. At the end of the current year, the corporation declares a dividend of S120,000. How is the dividend allocated between preferred and common stockholders? A) The dividend is allocated $5,000 too preferred shareholders and $115,000 to common shareholders. B) The dividend is allocated $50,000 to preferred shareholders and $70,000 to common shareholders C) The dividend is allocated S60,000 to preferred shareholders and S60,000 to common shareholders. D) The dividend is allocated $12,000 to preferred shareholders and $108,000 to common shareholders 27. Which of the following would be included in the entry to record the payment of a previously declared dividend of S.25 per share on 12,500 shares of common stock? A) Retained earnings would be debited for $3,125 B) Cash would be debited for $3,125. C) Dividends payable would be credited for $3,125. D) Dividends payable would be debited for $3,125. 28. Orleans Company was incorporated on January 1, 2012. Orleans issued 4,000 shares of common stock and 500 shares of preferred stock on that date. The preferred shares are cumulative, S100 par, with an 8% dividend rate. Orleans has not paid any dividends yet. In 2015, Orleans had its first profitable year, and on November 1, 2015, Orleans declared a total dividend of $28,000. What is the total amount that will be paid out to preferred sharecholders? A) $4,000 B) S16,000 C) S3,200 D) $28,000 29. Please refer to the equity section shown below Preferred stock, $100 par, 4% non -cumulative 1,000 shares authorized, 200 shares outstanding Common stock, S0.01 par 1,000,000 shares authorized, 40,000 shares outstanding Paid-in capital in excess of par Retained carnings Total stockholders' equity $20,000 400 359,600 820,000 S1,200,000 Assume the preferred shares have no stated liquidation value. The preferred shares are non-cumulative, so there are no dividends in arrears. Please calculate the book value per share of common stock A) S30.00 per share B) $8.99 per share C) S9.00 per share D) $29.50 per share