stock shares of $10 par value common stock outstanding. On December 31, 2017, the directors declare a $3ona dividend. The entry to record the declaration of the dividend would include: December 31, 2017, Stanford, Inc. has 1,500 shares of 6% $100 par value cumulative preferred cash A a credit of $30,000 to Dividends Payable. B a credilt of $30,000 to Cash Dividends. c a note in the financial statements that dividends of $3 per share are in arrears on preferred stock for 2017. a debit of $30,000 to Common Stock. D none of the above. 21) On January 1, Layline Corporation had 160,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20, Market value of the stock was sis on June 17. The entry to record the transaction of June 17 would include a credit to Common Stock Dividends Distributable for $360,000. A B debit to Stock Dividends for $360,000 credit to Cash for $360,000. C credit to Common Stock Dividends Distributable for $120,000 D none of the above. E 22) On January 1, Sly Corporation had 120,000 shares of $10 par value common stock outstanding. On March 17, the company declared a 15% stock dividend to stockholders of record on March 20 Market value of the stock was S 13 on March 17. The entry to record the transaction of March 17 would include a credit to Stock Dividends for $54,000. A 8 credit to Cash for $234,000. C credit to Common Stock Dividends Distributable for $180,000. D debit to Common Stock Dividends Distributable for $180,000 E none of the above. 23) In Ramon Company, Treasury Stock increased $20,000 from a cash purchase, and Retained Earnings increased $80,000 as a result of net income of $120,000 and cash dividends paid of $40,000. Net cash used by financing activities is: A $120,000 $40,000. $20,000. D $60,000. E none of the above