QUESTION 16 Entity K is authorized to issue 1,000,000 shares of $1 par value common stock. On January 15, Entity K issued 700,000 shares of stock at $7 per share on September 5, it repurchased 20,000 shares of common stock for the treasury at $8 per share. The journal entry to record the September 5, treasury stock transaction includes: O a debit to Treasury Stock for $160,000 a debit to Long-Term Investments for $160,000 a debit to Paid-In Capital in Excess of Par, Common Stock for $60,000 a debit to Common Stock for $20,000 QUESTION 17 Entity incurred various costs regarding its delivery truck which it purchased two years ago. For the cost that follows, indicate the proper treatment of the cost for financial accounting purposes: Annual license fees for the truck in 2021 were $200 Capitalized Expensed Ignored QUESTION 18 Which situation below might raise concerns about a company's quality of earnings? Revenue is recognized when performance obligations are satisfied The financial statements are prepared in accordance with U.S. generally accepted accounting principles Repair costs are capitalized and then depreciated over five years The same accounting principles are used from year to year