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Question 37 2 pts Osbourne, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction includes a O credit to Gain on Sale of Common Stock for $1,480,000 O credit to Common Stock-$0.05 Par Value for $1,420,000 O credit to Paid-In Capital in Excess of Par-Common for $1,417,000 O debit to Cash for $14,170,000 2 pts Question 38 Paramount Carpets is considering purchasing new equipment costing $730,000. The company's management has estimated that the equipment will generate cash flows as follows: 2 Year 1 $204,000 204,000 3 266,000 266,000 5 150,000 Considering the residual value is zero, calculate the payback period. (Round your answer to two decimal places.) 4 5 4.61 years O 3.70 years O 3.21 years O 3.42 years 2 Question 39 Which of the following are period costs? Current assets on the balance sheet Current liabilities on the balance sheet Costs related to the manufacture of products O Costs incurred and expensed during the accounting period 2 pts Question 41 Caribbean Tool and Die Company's forecasted sales for April, May, June and July are $150,000, $225,000, $180,000, and $210,000, respectively. Sales are 50% cash and 50% credit with all accounts receivables collected in the month following the sale. What are the cash collections budgeted for June? $202,500 $220,000 O $180,000 O $112,500