Reference no: EM132938695

Question - The Sheridan Corporation issues 7800 shares of $100 par value preferred stock for cash at $110 per share. The entry to record the transaction will consist of a debit to Cash for $858000 and a credit or credits to

Paid-in Capital from Preferred Stock for $858000.

Preferred Stock for $780000 and Retained Earnings for $78000.

Preferred Stock for $780000 and Paid-in Capital in Excess of Par-Preferred Stock for $78000.

Preferred Stock for $858000.

Swifty Company originally issued 3100 shares of $10 par value common stock for $108500 ($35 per share). Swifty subsequently purchases 310 shares of treasury stock for $25 per share and resells the 310 shares of treasury stock for $29 per share. In the entry to record the sale of the treasury stock, there will be a

credit to Paid-In Capital from Treasury Stock for $1240.

credit to Common Stock for $7750.

debit to Paid-In Capital in Excess of Par of $10850.

credit to Treasury Stock for $3100.

8200 shares of treasury stock of Concord, Inc., previously acquired at $13 per share, are sold at $19 per share. The entry to record this transaction will include a

debit to Paid-In Capital from Treasury Stock for $49200.

credit to Paid-In Capital from Treasury Stock for $49200.

debit to Treasury Stock for $106600.

credit to Treasury Stock for $155800.

If Sunland Company issues 8600 shares of $5 par value common stock for $159700, the account

Paid-in Capital in Excess of Par will be credited for $43000.

Common Stock will be credited for $43000.

Cash will be debited for $116700.

Paid-in Capital in Excess of Par will be credited for $159700.

Sunland, Inc. issued 11600 shares of stock at a stated value of $7/share. The total issue of stock sold for $16 per share. The journal entry to record this transaction would include a

credit to Paid-in Capital in Excess of Par for $185600.

credit to Common Stock for $81200.

debit to Cash for $81200.

credit to Common Stock for $185600.

Marigold Inc., has 1700 shares of 6%, $50 par value, cumulative preferred stock and 99100 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2020. The board of directors declared and paid a $3500 dividend in 2020. In 2021, $23200 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2021?

$16500

$11600

$6700

$5100

Outstanding stock of the Coronado Corporation included 21000 shares of $5 par common stock and 10500 shares of 5%, $10 par noncumulative preferred stock. In 2020, Coronado declared and paid dividends of $4400. In 2021, Coronado declared and paid dividends of $12000. How much of the 2021 dividend was distributed to preferred shareholders?

$7600

$4400

$5250

None of these answers are correct