Torino Company has 2,800 shares of $50 par value, 6.5% cumulative preferred stock and 28,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $8,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: Multiple Choice O $9,100. $1,100. O $18,200. $10,200. O $8,000. O Prepare the journal entry to record Harris Company's issuance of 50,000 shares of its common stock assuming the shares have a $2 stated value and sell for $18 cash per share. Multiple Choice Debit Cash $900,000; credit Common Stock $900,000. Debit Common Stock $900,000; credit Cash $900,000. Debit Cash $900,000; credit Common Stock $100,000; credit Paid-in Capital in Excess of Stated Value, Common Stock $800,000. Debit Common Stock $100,000, debit Paid-in Capital in Excess of Stated Value, Common Stock $800,000; credit Cash $900,000. Debit Cash $100,000; credit Common Stock $100,000. Eastline Corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 3,000 shares. At the time of the stock dividend, the market value per share was $12. The entry to record the declaration of this dividend is: Multiple Choice Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $36,000. Debit Retained Earnings $36,000; credit Common Stock Dividend Distributable $30,000; credit Paid-In Capital in Excess of Par Value, Common Stock $6,000. Debit Common Stock Dividend Distributable $36,000; credit Retained Earnings $36,000. O Debit Retained Earnings $30,000; credit Common Stock Dividend Distributable $30,000. O No entry is needed. Global Corporation had 58,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 20% stock dividend when the market value of each share was $28. The entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $232,000; credit Common Stock Dividend Distributable $232,000. Debit Retained Earnings $324,800; credit Cash $324,800. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $324,800. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $232,000; credit Paid-In Capital in Excess of Par Value, Common Stock $92,800. No entry is made until the stock is issued. Global Corporation had 58,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 20% stock dividend when the market value of each share was $28. The entry to record the dividend declaration is: Multiple Choice Debit Retained Earnings $232,000; credit Common Stock Dividend Distributable $232,000. Debit Retained Earnings $324,800; credit Cash $324,800. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $324,800. Debit Retained Earnings $324,800; credit Common Stock Dividend Distributable $232,000; credit Paid-In Capital in Excess of Par Value, Common Stock $92,800. No entry is made until the stock is issued. On September 1, Ziegler Corporation had 50,000 shares of $5 par value common stock, and $1,500,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $750,000; credit Common Stock Split Distributable $750,000. Debit Retained Earnings $750,000; credit Common Stock $750,000. Debit Retained Earnings $250,000; credit Common Stock $250,000. Debit Retained Earnings $250,000; credit Stock Split Payable $250,000. No entry is made for this transaction. A corporation's distribution of additional shares of its own stock to its stockholders without any payment in return is called a: Multiple Choice Stock dividend. O Stock subscription. Premium on stock Discount on stock. Treasury stock