The transactions listed below relate to Wainwright inc. You are to assume that on the date o the corporations accounts showed only common stock 15100 pirl outstanding for the year to date (before giving effect to the tramach Each numbered transaction is to be considered completely incendent of th effectis) of that tramaction alone. Assume that all numbered transactions of case is sufficiently material to distort reported net income if improperly that each transaction was recorded in accordance with generally accepted a with the all-inclusive concept of the income statement others, and its related $1515 we should be bothe I during 2021 that the amount involved in each manation of oet ecoms Assume further unting priodoles and where applicable inconformity Select as many options as you deem appropriate to reflect the effects of each transactions of the of the action January the board directed the write-off of certais paterdrights that had suddenly and unexpectedly be worthless Increased the corporations 2001 on Decreased the corporationy 202 Decreased the corporates toal increased the corporations current vario Decreased the corporations Increased each stockholder's proportionale sha Decreased each stockholde Increased each stockholder's eity Decreased each stockholde Had none of the forging effects eTextbook and Media shes of stockibook ST x Your answer is incorrect The corporation sold at a profit land and a building that had been idle for some time. Under the terms of the sale, the corporation received a portion of the sales price in cash immediately, the balance maturing at 6-month intervals. Increased the corporation's 2021 net income Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly Gue, not via net income. Decreased the corporation's total retained earnings directly Increased the corporation's current ratio Decreased the corporation's current ratio Dincreased each stockholder's proportionate share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity Increased each stockholder's equity pershare of stock (book value. Decreased each stockholder's equity per share of stock Ibook value Had none of the foregoing effects eTextbook and Media x Your answer is incorrect Treasury stock originally repurchaned and carried at $127 per share was sold for cash at $153 per share Your answer is incorrect Treasury stock originally repurchased and carried at $127 per share was sold for cash at $153 per share Increased the corporation's 2021 net income Decreased the corporation's 2021 net income Increased the corporation's total retained earnings directly lie, not via net incomel Decreased the corporation's total retained earnings directly increased the corporation's current ratio. Decreased the corporation's current ratio Increased each stockholder's proportionate share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity Increased each stockholder's equity per share of stock (book value) Decreased each stockholder's equity phare of stock book value Had none of the foregoing effects eTextbook and Media Your answer in incorrect The corporation wrote off all of the unamortized discount applicable to bonds that it refinanced in 2021. Your answer is incorrect. The corporation wrote off all of the unamortized discount applicable to bonds that it refinanced in 2021. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (ie, not via net income) Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity." Decreased each stockholder's proportionate share of total stockholders' equity Increased each stockholder's equity pehare of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media * Your answer is incorrect. The corporation called in all its outstanding shares of stock and exchanged them for new shares on a 2-for-1 basis, reducing the par value at the same time to $50 per share. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly live, not via net incomel Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportiote share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity, Increased each stockholder's equity per share of stock (book value) Decreased each stockholder's equity per share of stock (book value) Had none of the foregoing effects eTextbook and Media Your answer is incorrect. The corporation paid a cash dividend that had been recorded in the accounts at time of declaration. Increased the corporation's 2021 net income Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (ie, not via net incomel Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's currenttio Increased each stockholder's proportionate share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media, Your answer is incorrect. Litigation involving Wainwright Inc. as defendant was settled in the corporation's favor, with the plaintiff paying all court costs and legal fees. In 2018, the corporation had appropriately established a special contingency for this court action. (Indicate the effect of reversing the contingency only.) Increased the corporation's 2021 net income Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (ie, not via net income) Decreased the corporation's total retained earnings directly O increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proptionate share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value. Decreased each stockholder's equity per share of stock (book value) Had none of the foregoing effects eTextbook and Media The corporation received a check for the proceeds of an insurance policy from the company with which it is insured against theft of trucks. No entries concerning the theft had been made previously, and the proceeds reduce but do not cover completely the loss Increased the corporation's 2021 net income Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly live, not via net incomel. Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity Decreased each stockholder's proportionate share of total stockholders' equity Increased each stockholder's aquity per share of stock (book value. Decreased each stockholder's equity per share of stock (book value)" Had none of the foregoing effects. eTextbook and Media x Your answer is incorrect * Your answer is incorrect. Treasury stock, which had been repurchased at and carried at $127 per share, was issued as a stock dividend. In connection with this distribution, the board of directors of Wainwright Inc. had authorized a transfer from retained earnings to permanent capital of an amount equal to the aggregate market value ($153 per share) of the shares issued. No entries relating to this dividend had been made previously. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (ie, not via net income) Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio Increased each stockholder's proportionate share of total stockholders' equity Decreased each stockhoer's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value), Had none of the foregoing effects. eTextbook and Media The transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred, the corporation's accounts showed only common stock ($100 par) outstanding, a current ratio of 2.7:1, and a substantial net income for the year to date (before giving effect to the transaction concerned). On that date, the book value per share of stock was $151.53. Each numbered transaction is to be considered completely independent of the others, and its related answer should be based on the effect(s) of that transaction alone. Assume that all numbered transactions occurred during 2021 and that the amount involved in each case is sufficiently material to distort reported net income if improperly included in the determination of net income. Assume further that each transaction was recorded in accordance with generally accepted accounting principles and, where applicable, in conformity with the all-inclusive concept of the income statement. Select as many options as you deem appropriate to reflect the effect(s) of each transaction as of the date of the transaction. Your answer is correct. In January, the board directed the write-off of certain patent rights that had suddenly and unexpectedly become worthless. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (ie., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio.. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media The corporation sold at a profit land and a building that had been idle for some time. Under the terms of the sale, the corporation received a portion of the sales price in cash immediately, the balance maturing at 6-month intervals. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media Your answer is incorrect. Treasury stock originally repurchased and carried at $127 per share was sold for cash at $153 per share. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net ignome. Increased the corporation's total retained earnings directly (ie., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. The corporation wrote off all of the unamortized discount applicable to bonds that it refinanced in 2021. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media * Your answer is incorrect. The corporation called in all its outstanding shares of stock and exchanged them for new shares on a 2-for-1 basis, reducing the par value at the same time to $50 per share. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). O Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. Tauthople and Modin The corporation paid a cash dividend that had been recorded in the accounts at time of declaration. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. Litigation involving Wainwright Inc. as defendant was settled in the corporation's favor, with the plaintiff paying all court costs and legal fees. In 2018, the corporation had appropriately established a special contingency for this court action. (Indicate the effect of reversing the contingency only.) Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. eTextbook and Media 4 The corporation received a check for the proceeds of an insurance policy from the company with which it is insured against theft of trucks. No entries concerning the theft had been made previously, and the proceeds reduce but do not cover completely the loss. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e., not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects. Treasury stock, which had been repurchased at and carried at $127 per share, was issued as a stock dividend. In connection with this distribution, the board of directors of Wainwright Inc. had authorized a transfer from retained earnings to permanent capital of an amount equal to the aggregate market value ($153 per share) of the shares issued. No entries relating to this dividend had been made previously. Increased the corporation's 2021 net income. Decreased the corporation's 2021 net income. Increased the corporation's total retained earnings directly (i.e.. not via net income). Decreased the corporation's total retained earnings directly Increased the corporation's current ratio. Decreased the corporation's current ratio. Increased each stockholder's proportionate share of total stockholders' equity. Decreased each stockholder's proportionate share of total stockholders' equity. Increased each stockholder's equity per share of stock (book value). Decreased each stockholder's equity per share of stock (book value). Had none of the foregoing effects