QUESTION 55 A company purchases 600 shares of its $1 par value common stock at $40 per share. The effect of this transaction would be an) O A. Decrease to Common Stock for $600. B. Increase to Treasury Stock for $24,000. C. Increase to Treasury Stock for $600. D. Increase to Cash for $24,000. QUESTION 56 The Walt Disney Company (Disney) is a diversified worldwide entertainment company with operations in the following business segments: Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products & Interactive Media. As of September 29, 2018, Disney had reported the following for its stock: Common stock, $0.01 par value, Authorized - 4.6 billion shares, Issued - 2.9 billion shares Treasury stock, at cost, 1.4 billion shares How many shares of common stock are outstanding at the end of Disney's 2018 fiscal year? A. 3.2 billion. B. 2.9 billion. C. 4.6 billion O D. 1.5 billion. QUESTION 57 Given the following account balances at year end, how much are total intangible assets on the balance sheet of Alisha Enterprises? Accounts receivable $4,000,000 Goodwill $ 4,500,000 Cash 1,500,000 Research & development costs 2,000,000 Equipment 8,500,000 Trademarks 1,000,000 A. $5,500,000 B. $11,500,000 C. $9,500,000 OD. $7,500,000 QUESTION 58 Lumberjack, Inc. has 1,000 shares of 6%, $100 par value, preferred stock. What is the annual dividend on the preferred stock? A. $60 per share. B. $0.60 per share. C. $6,000 in total. OD. $600 in total. Pizzicletta Pizza Shop purchased a stone pizza oven on January 1, 2018. The oven cost $50,000 and has an estimated salvage value of $10,000. Using the straight- line method of depreciation, annual depreciation expense is computed as $8,000. What is the balance in the Accumulated Depreciation account at the end of 2020 (end of year 3)? O A. $24,000 O B. $26,000 O C. $16,000 O D. $8,000 QUESTION 60 Mammoth Corporation sold 8,000 shares of its $2 par value common stock for $14 per share. The journal entry to record the sale of the stock would include a O A. Credit to Common Stock for $112,000. O B. Debit to Cash for $96,000. O C. Debit to Common Stock for $16,000. O D. Credit to Paid-in Capital in Excess of Par Value-Common Stock for $96,000