Question 1: Please refer to the following information for Petra Sales Company:

Common stock, $1.00 par, 200,000 issued, 180,000 outstanding

Paid-in capital in excess of par: $1,600,000

Retained earnings: $2,440,000

Treasury stock: 20,000 shares purchased at $12 per share

If Petra Sales sells 10,000 shares of treasury stock at $14 per share, what journal entry will be made?

A) Debit Cash $140,000 and credit Treasury stock $140,000.

B) Debit Cash $140,000, credit Treasury stock $120,000 and credit Paid-in capital $20,000.

C) Debit Treasury stock $140,000 and credit Cash $140,000.

D) Debit Cash $140,000, credit Treasury stock $120,000 and credit Gain on sale of treasury stock $20,000.

Question 2:

At March 31, 2014, the Park Place Company shows the following data on their balance sheet:

Stockholders' equity

Common stock, $1 par, 1,000,000 shares authorized, $120,000 120,000 shares issued, 110,000 shares

outstanding

Paid-in capital in excess of par 2,470,000

Retained earnings 5,440,000

Treasury stock, 10,000 shares at $25 (250,000)

Total stockholder's equity $7,780,000

Assume Park Place purchases an additional 2,000 shares of treasury stock at $25 per share. Please

restate the equity section of the balance sheet to properly reflect the transaction.

Question 3:

At January 1, 2013, Foxmore Company had 80,000 shares of common stock outstanding and no preferred stock. During the year they

issued 40,000 additional shares of common stock. At December 31, 2013, Foxmore had 120,000 shares of common stock outstanding,

and no preferred stock. In addition, Foxmore reported the following results for the year 2013:

Sales revenues from regular business operations $3,000,000

Cost of goods sold 900,000

Operating expenses from their regular business operations 600,000

Gain on disposal of several items of property, plant & equipment 15,000

Income tax expense on continuing operations 330,000

Loss on the termination of a discontinued business segment, net of tax 120,000

Losses on damage caused by earthquake, net of tax 280,000

Please prepare earnings per share information in the following format. (Round all amounts to nearest cent.)

Earnings per share

Income (loss) from continuing operations

Income (loss) from discontinued operations

Income (loss) before extraordinary items

Extraordinary loss

Net income (loss)