QUESTION 22 Tommy's Tires is buying all the assets and assuming all the liabilities of John's Tires Company. The following information is available for John's at the date of the purchase: Accounts Receivable 250,000 Accounts payable 150,000 Inventory 100,000 Note Payable 100,000 Land 300,000 Common Stock 200.000 Retained Carnings 400,000 The accounts receivable are worth $205,000, the inventory is worth $75,000 and the land is worth $550,000. Everything else is worth book value. Tommy will pay $750,000 for John's. How much of the purchase price will Tommy debit to goodwill? O $ 155,000 O $ 350,000 O $ 170,000 O $80,000 O Some other number QUESTION 23 On January 2, Tommy's Truck Company made a $50,000 credit sale under the terms 2/10, 1/30. If Tommy receives full payment of the account on January 21, the amount of cash received is: O $ 49,800 O $ 49,000 O $ 49,990 O $ 40,200 O $50.000 QUESTION 24 On April 1, 2020, Poiters, Inc. declared a $3.00 per share dividend payable on May 1, to holders of record on April 15. Before the dividend was declared, the company had 25,000 shares of $10 par value stock outstanding. On the date of declaration, the journal entry to record the dividend would include O a credit to Retained Carnings of $75,000. O a credit to Cash of $75,000. O a credit to Dividends Payable of $75,000. There would be no journal entry on this date. O None of these QUESTION 25 On April 1, 2020, Poiters, Inc. declared a $3.00 per share dividend payable on May 1, to holders of record on April 15. Before the dividend was declared, the company had 25,000 shares of $10 par value stack outstanding. On the date of payment, the journal entry would include a O credit to Dividends Payable of $75,000. O credit to Common Stock of $75,000. debit to Dividends Payable of $75,000. There would be no journal entry on this date. O None of these