Question 1 (1 point) Gallagher Corporation obtained its charter from the state of Georgia and issued 10,000 shares of its common stock to its investors. The total amount contributed by the investors was $108,000 cash to the corporation. Assume that the Gallagher Corporation common stock has a par value of $2 per share. How much would Gallagher credit to the Common Stock account in the journal entry to record this stock issuance? $108,000 $54,000. $10,000 $20,000. Question 2 (1 point) On May 15, Johnson Corporation's Board of Directors declared a dividend of $0.75 per share. The stockholders to receive the dividend are those who own Johnson's stock on May 30, 2019. The number of outstanding shares on May 30, 2019 is 50,000. The dividends will be paid in cash on June 15, 2019. The journal entry Johnson records on May 15, 2019 when the dividends are declared includes which of the following? A credit to Dividends for $37,500. A credit to Dividends Payable for $37,500. No entry is needed on May 15, 2019. A credit to Cash for $37,500. Question 3 (1 point) Which of the following statements is NOT correct? Retained earnings is the same as cash. Retained earnings has a normal credit balance. Retained earnings is earnings retained in the corporation and not paid out as dividends. Retained earnings equals all net income less all dividends, since the company began operations. Question 4 (1 point) On May 15, Johnson Corporation's Board of Directors declared a dividend of $0.75 per share. The stockholders to receive the dividend are those who own Johnson's stock on May 30, 2019. The number of outstanding shares on May 30, 2019 is 50,000. The dividends will be paid in cash on June 15, 2019. The journal entry Johnson records on May 30, 2019 (which is the record date) includes which of the following? A debit to Dividends for $37,500. No entry is needed on May 30, 2019. A debit to Dividends Payable for $37,500. A debit to Cash for $37,500. Question 5 (1 point) At the beginning of 2018, Hubley Corporation has 115,000 authorized shares of common stock, 34,000 issued shares, and 31,800 outstanding shares. How many treasury shares does Hubley Corporation have? $81,000. $83,200. $115,000 $2,200. Question 6 (1 point) In May of 2019, Dabell purchases 2,700 of its own stock (treasury stock) for $7,500. The journal entry to record the purchase of the treasury stock includes which of the following? A credit to Treasury Stock for 7,500. A debit to Cash for 7,500. A debit to Treasury Stock for 7,500. A credit to Common Stock for 7,500