Preferred Stock - 6% cumulative, $20 par value, 10,000 shares authorized, 5,000 shares issued and outstanding . .$100,000

Contributed Capital in excess of par value, Preferred Stock . . . 250,000

Common Stock, $5 par value, 20,000 shares authorized, 10,000 shares issued and outstanding. . . 50,000

Contributed Capital in excess of par value, Common Stock . . . 450,000

Total Contributed Capital . . . $ 850,000

Retained Earnings . . . 150,000

Total Stockholders' Equity . . . $ 1,000,000

47. Marcy Company issues 2,000 shares of common stock in exchange for a building, with a market value of $100,000. The journal entry to record the exchange will cause Total Contributed Capital to:

A) increase by $10,000 B) increase by $100,000 C) increase by $90,000 D) increase by $80,000 E) remain unchanged

48. Marcy Company declared and issued a 15% common stock dividend on January 1, 2005, when the market price of their common stock was $12 per share. The journal entry to record the stock dividend will:

A) debit Retained Earnings by $18,000. B) credit Common Stock Dividend Distributable, $15,000 C) credit Contributed Capital in excess of par, Common Stock, $21,000 D) credit Common Stock Dividend Distributable, $10,500 E) credit Contributed Capital in excess of par, Common Stock, $7,500

49. Marcy Company declared a 100% common stock dividend on January 1, 2005, when the market price of the stock was $7.50. The entry to record this dividend will: A) debit Retained Earnings,$100,000 B) credit Common Stock Dividend Distributable,$50,000 C) credit Contributed Capital in excess of par, Common Stock, $25,000 D) credit Common Stock Dividend Distributable, $100,000 E) Since this is considered a stock split, no journal entry is made

50. On January 1, 2005, Marcy Company purchased 1,000 shares of its own common stock for $22,000. On February 1, 2005, they sold 600 of these shares for $25 per share, and on March 1, 2005, they sold the remaining 400 shares for $15 per share. The journal entry required on March 1 will include:

A) credit Contributed Capital, Treasury Stock, $1,800 B) debit Retained Earnings for $1,800 C) debit Retained Earnings for $2,800 D) debit Contributed Capital, Treasury Stock, $2,800 E) debit Contributed Capital, Treasury Stock, $1,800