Question 21 2 pts The journal entry a company records for the issuance of bonds when the contract rate is greater than the market rate would be: debit Cash, credit Bonds Payable. debit Bonds Payable, credit Cash. debit Cash, credit Premium on Bonds Payable and Bonds Payable. debit Cash and Discount on Bonds Payable, credit Bonds Payable. 2 pts D Question 22 A company reports the following: Net income. $160,000 Preferred dividends ............ ...$10,000 Shares of common stock outstanding...........20,000 Market price per share of common stock ..............$35 The company's earnings per share on common stock is: $7.50 $13.33 $35.00 $8.50 Question 23 2 pts U When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their: fair market value at the time of the contribution. book values on the partners' books prior to their being contributed to the partnership. original costs to the partner contributing them. assessed values for property tax purposes. Question 24 2 pts Which of the following is the appropriate general journal entry to record the declaration of cash dividends? debit Cash Dividends (or Retained Earnings)- credit Cash Dividends Payable debit Cash Dividends Payable-credit Cash debit Retained Earnings - Credit Cash debit Paid-in Capital - Credit Cash Dividends Payable