Skysong Manufacturing Corporation purchased 2400 shares of its own previously issued $10 par common stock for $57600. As a result of this event, Skysong's Common Stock account decreased $24000. Skysong's total stockholders’ equity decreased $57600. Skysong's Paid-in Capital in Excess of Par Value account decreased $33600. All of these answer choices are correct.

Storytime Books, LLC purchased the following shares of ABC stock: 60 shares for $1,700 in 2017. 70 shares for $2,250 in 2018. 80 shares for $2,675 in 2019. They sold 160 shares of ABC in 2021 and did not identify which shares they sold. What basis should they use for computing gain or loss?    (a) $5,108  (b) $4,971  (c) $4,953  (d) $4,942

Hobson Company bought 20,500 shares of the voting common stock of Fizer Pharmaceutical in January 2022. In December, Fizer announced $202,300 net income for 2022 and declared and paid a cash dividend of $7.00 per share on all 209,500 shares of its outstanding common stock. Hobson Company's dividend revenue from Fizer Pharmaceutical in December 2022 would be:   Multiple Choice   $143,500.   None of these answer choices are correct.   $ 0.   $19,795.

Bonita Manufacturing Corporation purchased 10700 shares of its own previously issued $10 par common stock for $208000. As a result of this event, Bonita’s Common Stock account decreased $107000. Bonita’s total stockholders’ equity decreased $208000. Bonita’s Paid-in Capital in Excess of Par account decreased $101000. All of these answer choices are correct.

Quality Cleaning Corp. issued 50 no-par-value common shares for land with a market value of $4,000. Dillon had originally issued common shares at $100 two years ago, but there is currently no market value available for their shares. The amount of contributed capital arising from this transaction is $100   $600   $1,000   $4,000   $6,000

26. On January 1, B company paid $2,295,000 to acquire 90,000 shares of O company's voting common stock, which represents a 30 percent investment. No allocations to   goodwill or other specific accounts were made. Significant influence over O company is achieved by this acquisition, and so B company applies the equity method. O company   declared a $1 per share dividend during the year and reported net income of $750,000. What is the balance in the Investment in O company account found in B company's   financial records as of December 31?

To reduce its stock price, Shriver Food Systems, Incorporated, declared and issued a 100 percent stock dividend. The company has 780,000 shares authorized and 180,000 shares outstanding. The par value of the stock is $1 per share and the market value is $100 per share. Prepare the journal entry to record this large stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Waterway Corporation began business by issuing 649600 shares of $5 par value common stock for $25 per share. During its first year, the corporation sustained a net loss of $62300. The year-end balance sheet would show Common stock of $3248000. Common stock of $16240000. Total paid-in capital of $12992000. Total paid-in capital of $16177700.

On December 10, 2010, Smitty Corporation reacquired2,000 shares of its own $5 par value common stock at a priceof $60 per share. In 2011, 500 of the treasury shares arereissued at a price of $70 per share. Which of the followingstatements is correct?a. The treasury stock purchased is recorded at cost and isshown in Smitty’s December 31, 2010, balance sheet asan asset. b. The two treasury stock transactions result in an over-all net reduction in Smitty’s stockholders’ equity of $85,000. c. Smitty recognizes a gain of $10 per share on the reissu-ance of the 500 treasury shares in 2011. d. Smitty’s stockholders’ equity was increased by$110,000 when the treasury stock was acquired.

The market value of Yeates Corporation’s common stock had become excessively high. The stock was currently selling for $390 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 350,000 outstanding shares of its $12 par value common stock.   Required: Determine the number of common shares outstanding and the par value after the split.