Sunland Companyoffered detachable 5-year warrants to buy one share of common stock (par value $5) at $20 (at a time when the stock was selling for $34). The price paid for800, $1,000 bonds with the warrants attached was $820000. The market price of theSunlandbonds without the warrants was $720000, and the market price of the warrants without the bonds was $84700. What amount should be allocated to the warrants?

$84700

$86310

$104700

$100700

Sheridan CompanypurchasedPharoah Companyand agreed to give stockholders ofPharoah Company49300additional shares in 2023 ifPharoah Company's net income in 2022 is $603000or more; in 2021Pharoah Company's net income is $616000.Sheridanhas net income for 2021 of $1496000and has an average number of common shares outstanding for 2021 of507000shares. What shouldSheridanreport as earnings per share for 2021?

Basic Earnings

Per Share

Diluted Earnings

Per Share

$2.95

$2.69

$2.95

$2.95

$2.69

$2.69

$2.69

$2.95

Crane Companyissued100000shares of $10par common stock for $1100000. A year laterCraneacquired15500shares of its own common stock at $14per share. Three months laterCranesold7500of these shares at $18per share. If the cost method is used to record treasury stock transactions, to record the sale of the7500treasury shares,Craneshould credit

Treasury Stock for $105000and Paid-in Capital in Excess of Par for $30000.

Treasury Stock for $105000and Paid-in Capital from Treasury Stock for $30000.

Treasury Stock for $75000and Paid-in Capital from Treasury Stock for $60000.

Treasury Stock for $135000.