AutoSave ( Off H FA2 - Final - Protected View Search (Alt+ Q) File Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Proted 019 : X V fx A B D E H M Name 1 ABC incorporation has 12,000 outstanding shares and declared 10% stock dividend on November 1, 2021 Dividend was paid on November 30th, 2021. The par value was $18 per share but trading price was $22 Record the transactions for November 1, 2021 and November 30, 2021. (5 marks) 2 A 5 year 5% bond with Face value of $100,000 was issed at 102 on January 1, 2021. Bond premium Amortization is calculated annually and payment of interest is made annually. 10 Record the transactions for January 1, 2021 and December 31, 2021 (6 marks) 3 Net sales for 2021 were $650,000. Net income after income taxes for 2021 was $25,000. Compute the percentage of net income after taxes (based on net sales) for 2022. (2 marks) 6 4 ABC Inc. had outstanding 150,000 shares of 6 percent preferred stock with a par value of $100. 18 The stock was originally issued for $115 per share. On that date, ABC Inc. repurchased 10,000 shares of the preferred stock, paying cash of $118 per share for the stock. 20 Provide the journal entry to record repurchase of the treasury stock. (2 marks) 5 Give the general journal entries to record the following transactions: 1. On December 31, 2021, Bay Co. established a bond sinking fund investment by depositing $20,000 with the fund trustee 25 2. On December 31, 2022, Bay Co. recorded $1,000 net income from its bond sinking fund investment for the year. 26 3. On December 31, 2022, Bay Co. made a deposit of $12,000 into the bond sinking fund investment. (6 marks) 28 6 Problem Solving MCQs Ready