Use the following to answer questions 22-24:

On December 31, 2012, Chuck Norris Inc. had 800,000 shares of $10 par common stock issued and outstanding. The stockholders' equity accounts at December 31, 2013, had the following balances:

Common Stock $8,000,000 Additional PIC - Common Stock $1,600,000

Retained Earnings $1,200,000 Total Stockholders Equity $10,800,000

22. The company repurchased 95,000 shares of its own $8 par value common stock for $20 per share. After this transaction, Stockholders equity will be A) $12,700,000 B) $10,705,000

    C) $10,040,000 D) $8,900,000

23. On October 1, 2013 Chuck Norris Inc. sold 15,000 shares of $30 par preferred stock for $35. The stock has a rate of 5%. The journal entry to record this sale would include a

    1. A) debit to APIC - Preferred Stock for $75,000

    2. B) credit to Preferred Stock for $525,000

    3. C) credit to stockholders equity for $300,000

    4. D) credit to APIC - Preferred Stock for $75,000

    5. E) none of the above

24. On November 1st Norris decided to do a 3 for 1 common stock split. Considering the other entries previously recorded, the total number of common shares issued and outstanding would now be: (Hint: DO NOT include Preferred Shares) A) 2,115,000

    B) 705,000 C) 2,400,000 D) 800,000