Jackson Corporation issued 10,000 shares of $6 par common stock for $24 per share. For this transaction, Common Stock should be credited (increased) for $240,000.
22.Chiang Corporation issued 10,000 shares of $4 par common stock for $22 per share. As a result of this transaction, Chiang's legal capital increased by $40,000.
23.Wu Corporation issued 10,000 shares of no-par common stock for $35 per share. For this transaction, Common Stock should be credited (increased) for $350,000.
24.A corporation might buy some of its own stock to help keep the market price from falling.
25.A purchase of treasury stock is an asset exchange transaction.
26.Treasury Stock is an equity account with a normal credit balance.
27.Treasury Stock is reported on the balance sheet between liabilities and equity.
28.A corporation must record a liability for cash dividends on the date of record.
29.When a corporation records a stock dividend, it debits Retained Earnings for the par value of the stock.
30.Parr Corporation had $10 par stock with a market price of $80, when it declared a 2-for-1 stock split. After the stock split, the number of shares outstanding will double, and the market price of the stock should drop to about $40.
31.An appropriation of retained earnings places a limit on the amount of dividends a corporation can declare.
32.The most frequently reported measure of a company's value is the return on assets ratio.
33.A high price-earnings ratio generally means that investors are optimistic about a company's future growth.
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