USE THE FOLLOWING INFORMATION FOR THE NEXT (3) QUESTIONS:

STOCKHOLDERS EQUITY

January 1, 2015

Preferred Stock (6%, $100 par cumulative, 3,000 sharesissued)$_________

Common Stock ($5 par value, 300,000 sharesauthorized)1,000,000

Additional Paid in Capital:

Preferred15,000

Common400,000

Retained Earnings, (January1)488,000

Treasury Stock 5,000shares50,000

During 2015, the only transactions and events pertaining to stockholders equity were:

April17Issued 1,000 shares of Preferred stock for $110 per share for cash.

July22Issued 20,000 shares of common stock for a building. On this date the stock was selling for $15 per share. The building was appraised on this date for $290,000.

Oct14Sold 2,000 sharesfromtreasury for $17 per share for cash.

Dec. 31Net income for the year was $215,000.Dividends of $.25 per share for common stockholders were declared by the board on Dec. 29.There are no dividends in arrears.

16. The entryto record the Oct. 14 transaction would include acreditto:

A.Cash for $34,000

B.Treasury Stock for $20,000

C.Treasury Stock for $34,000

D.Additional Paid in Capital - Treasury Stock for $34,000

E.Common Stock for $20,000

17. What isTotal Contributed Capitalat December 31, 2015?

A.$2,145,000

B.$2,129,000

C.$2,125,000

D.$2,139,000

E.$2,135,000

18. What is thetotal dollar amount of the dividend declared(for both the Preferred & Common Stockholders)?

A.$79,750

B.$103,250

C.$72,250

D.$79,000

E.$78,250