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The questions are indicated on the picture. 4. Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, 20x1.

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4. Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, 20x1. The following events occurred during 20x2: January 31................;;;;;; . Declared 10% stock dividend .Purchased 100,000 shares August 1...........................Reissued 50,000 shares November 30 . ..................Declared 2-for-1 stock split At December 31, 20x2, how many shares of common stock did Rudd have outstanding? a. 560,000 b. 600,000 c. 630,000 (AICPA) d. 660,000 5. Long Co. had 100,000 ordinary shares issued and outstanding at January 1, 20x1. During 20x1, Long took the following actions: . March 15 - Declared a 2-for-1 stock split, when the fair value of the stock was P80 per share. December 15 - Declared a P.50 per share cash dividend. What amount should Long report as dividends in its 20x1 financial statements? a. 50,000 b. 100,000 c. 850,000 d. 950,000 (AICPA) 6. At December 31, 20x0 and 20x1, Carr Corp. had outstanding 4,000 shares of P100 par value 6% cumulative preferred stock and 20,000 shares of P10 par value common stock. At December 31, 20x0, dividends in arrears on the preferred stock were P12,000. Cash dividends declared in 20x1 totaled P44,000. Of the P44,000, what amounts were payable on each class of stock? Preference shares Ordinary shares a. P44,000 P 0 b. P36,000 P 8,000 c. P32,000 P12,000 d. P24,000 P20,000 (AICPA)

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