Question 20 Gault Corporation had the following shares of stock outstanding on December 31, 2018: Not yet answered Points out of 2.5 Common stock, $50 par value, 200,000 shares outstanding Preferred stock, 8 percent, $100 par value, cumulative, 20,000 shares outstanding Dividends were in arrears for 2016 and 2017. On December 31, 2018, total cash dividends of $800,000 were declared. P Flag question The total amounts payable to preferred stockholders and common stockholders, respectively, are: Select one: a. $160,000 and $640,000 b. $480,000 and $320,000 c. $320,000 and $480,000 d. $400,000 and $400,000 e. $240,000 and $400,000 Question 21 Not yet answered Net Income $365,000 Beginning Accounts Payable $119,000 Points out of 2.5 Depreciation Expense 96,000 Ending Accounts Payable 146,000 11,000 P Flag question Amortization of Intangible Assets Purchase of Long-Term Assets with Cash 616,000 Beginning Accounts Receivable 420,000 200,000 Cash from Issuance of Long-Term Debt Ending Accounts Receivable 439,000 Issuance of Stock for Cash 160,000 Beginning Inventory 516,000 Issuance of Stock for Long-Term Assets 110,000 Ending Inventory 560,000 Purchase of Treasury Stock 64,000 Beginning Prepaid Expenses 48,000 Ending Prepaid Expenses 42,000 The Net Cash Flows from Operating Activities section will include a line item for: Select one: a. $(44,000) O b. $64,000 c. $(11,000) d. $(96,000) e. $44,000 Question 22 Net Income $365,000 Beginning Accounts Payable $119,000 Not yet answered Depreciation Expense 96,000 Ending Accounts Payable 146,000 Points out of 2.5 11,000 616,000 Amortization of Intangible Assets Purchase of Long-Term Assets with Cash Flag question Beginning Accounts Receivable 420,000 200,000 Cash from Issuance of Long-Term Debt Ending Accounts Receivable 439,000 Issuance of Stock for Cash 160,000 Beginning Inventory 516,000 110,000 Issuance of Stock for Long-Term Assets Ending Inventory 560,000 Purchase of Treasury Stock 64,000 Beginning Prepaid Expenses 48,000 Ending Prepaid Expenses 42,000 The Net Cash Flows from Investing Activities section will include a line item for: Select one: a. $552,000 b. $(64,000) c. $64,000 d. $616,000 e. $(616,000)