1. When Wisconsin Corporation was formed on January 1, the

1. When Wisconsin Corporation was formed on January 1, the corporate charter provided for 100,000 share of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 8,500 shares of stock at a price of $16 per share.

The entry to record the above transaction would include a

A. debit to Cash for $85,000

B. credit to Common Stock for $136,000

C. credit to Paid in Capital in Excess of Par for $51,000

D. debit to Common Stock for $85,000

2. A corporation has 50,000 shares of $25 par stock outstanding that has a current market value of $150 per share. If the corporation issues a 5-for-1 stock split, the market value of the stock after the split will be approximately

A. $25

B. $150

C. $5

D. $30

3. Bonds Payable has a balance of $1,000,000 and Discount on Bonds Payable has a balance of $15,500. If the issuing corporation redeems the bonds at 98.5, what is the amount of gain or loss on redemption?

A. $500 loss

B. $15,500 loss

C. $15,500 gain

D. $500 gain

4. Changes in the value of available ­for­ sale securities

A. are reported as part of stockholders’ equity

B. are recognized on the income statement

C. are not recognized

D. are recognized on the income statement and as part of stockholders’ equity.

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