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False 8 TF 13-048 Cash dividends are normally paid on shares of treasury stock True False 9. MC.13-086 If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, a. Common Stock will be credited for $75,000 b. Paid-In Capital in Excess of Par will be credited for $9,000 O c. Cash will be debited for $66,000 d. Paild-In Capital In Excess of Par wil be credited for $66,000 10 MC. 13-088 Sneed Corporation issues 10,000 shares of $50 par preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to a Preferred Stock for $500,000 and Retained Earnings for $250,000 b Pald-In Capital from Preferred Stock for $750,000 C. Preferred Stock for $750,000 d. Preferred Stock for $500,000 and Paid-In Capital in Excess of Par-Preferred Stock for $250,00 11. MC.13-093 60,000 shereswr of a corporation provides for the issuance of 100,000 shares of common stock. Assume tha id and 10,000 were subsequently reacquired. What is the amount of $2-per-share dividend is dedared? cash dividends to vnds to be paid if a a. $100,000 b. $20,000 c. $120,000 d. $60,000 12. MC.13-095 e on which a cash dividend becomes a binging legal oligation is the a. declaration date b. payment date c. date of record d. last day of the fiscal year 13. MC. 13-104 Sabas Company has 20,000 shares of $100 par, 29, armulative preferred stock and 100,000 shares of S50 par common stock. The following amounts were distributed as dividends: Year 1 Year 2 Year 3 $10,000 45,000 90,000