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Unformatted text preview: d) None of the above __________3. You purchased land by giving the seller 40,000 shares of your $10 par common stock. The stock is currently traded at $50 per share. The land has a fair value of $ 1,500,000 . The land should be valued on your books at: a) $1,500,000 Conservatism b) $2,000,000 c) $ 400,000 d) None of the above _____________ 4. You have 1,000,000 shares of common stock authorized, 600,000 shares issued, and 500,000 shares outstanding . If you give a . 10 per share dividend , you would give: a) $100,000 b) $ 50,000 c) $ 60,000 d) None of the above ______________5. You declared a 30% stock dividend. You have 100,000 shares of $10 par common stock issued and outstanding. The current market value of the stock is $30/share. At the date of declaration, you should debit Retained Earnings for: a) $300,000 Large stock dividend . Use par. b) $900,000 c) $100,000 d) None of the above...
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This note was uploaded on 11/05/2011 for the course ACCT 405 taught by Professor Caylor during the Summer '11 term at South Carolina.
- Summer '11