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On May 15 , the board of directors declared a cash dividend of $50,000. The date of record is June 1 and the payment date is June 20 . The journal entry on June 1 would be: A. no entry needed. B. Debit Cash; credit Dividends Payable. C. Debit Dividends Payable; credit Cash. D. Debit Retained Earnings; credit Dividends Payable. A. Paid - in Capital in Excess of Par-Common for $46,000. B. Common Stock for $46,000. C. Paid - in Capital in Excess of Par-Common for $86,000. D. Common Stock for $86,000. If a corporation issues 8,000 shares of $1 par value common stock for $12,000, the journal entry would include a credit to: A. Common Stock for $12,000. B. Common Stock for $8,000. C. Paid - in Capital in Excess of Par-Common for $12,000. D. Retained Earnings for $8,000. Kunze Corporation has $1 par value Common Stock with 100,000 shares authorized and 25,000 shares issued. The journal entry to record Kunze's purchase of 6,000 shares of common stock at $5 per share would be: A. debit Common Stock for $30,000 and credit Cash for $30,000. B. debit Common Stock for $6,000, debit Paid - in Capital in Excess of Par-Common for $24,000 and credit Cash for $30,000. C. debit Cash for $30,000, credit Common Stock for $6,000 and credit Paid - in Capital in Excess of Par-Common for $24,000. D. debit Treasury Stock for $30,000 and credit Cash for $30,000. When 500 shares of $1 par value Common Stock are issued at $23 per share, Paid - in Capital in Excess of Par-Common will: A. increase $500. B. increase $11,000. C. decrease $11,500. D. stay the same