QUESTION 2 The stockholders' equity accounts of Michael Corporation include $37,500 of common stock with a par value of $0.50 and 5,000 shares of treasury stock with a total cost of $25,000. The total number of shares outstanding for Michael Corporation is a. 75,000 Ob.32,500 c. 70,000 d. 80,000 QUESTION 3 Smith Corporation issues 20,000 shares of $0.50 par common stock for $6 per share. The account for Additional Paid in Capital will increase by a. $10,000 b. $130,000 c. $110,000 d. $120,000