William Corp. issued 10,000 shares of its $1 par value common stock for a building. The building was listed for sale at $500,000. William’s common stock is currently selling for $45 per share. William Corp. should record the building at $10,000 $440,000 $450,000 $500,000 QUESTION 2 On March 1, 2004, Leo Corp. was formed by issuing 100,000 shares of $1 par value common stock at $5 per share and 20,000 shares of $100 par value preferred stock at $101 per share. If Leo earned $35,000 in its first year of operations, total stockholders’ equity at year end would be $335,000 $735,000. $2,135,000. $2,555,000 QUESTION 3 If a company reissued at $20 per share 100 shares of treasury stock that it had previously acquired for $28 per share and there wasn’t any Paid-in Capital from Treasury Stock, it would debit Loss on Sale of Treasury Stock for $800 Paid-in Capital from Common Stock for $800 Retained Earnings for $800 Treasury Stock for $800 4 points QUESTION 4 B Corp. issued 200,000 shares of common stock when it began operations in 2004 and issued an additional 100,000 shares in 2005. B also issued preferred stock convertible into 100,000 shares of common stock. In 2006, B purchased 75,000 shares of its common stock and held it in the treasury. At December 31, 2006, how many shares of B’s common stock were outstanding? 400,000 325,000 300,000 225,000 QUESTION 16 Assume that Grandzol Company believes that $120,000 of a $600,000 deduction will not be utilized in future periods and that the tax rate is 40 percent for all periods. What is the amount of the valuation allowance? $48,000 $120,000 $192,000 $240,000
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