15 Mar characteristic of a corporation1 Which of the foll
characteristic of a corporation1 Which of the following is not a characteristic of a corporation?A Continuous lifeB Ease of capital accumulationC Separate legal entityD Unlimited liability of stockholders3 On Thursday, May 3, Skelton Electrical Supply issues 4,000 shares of $6 par value common stock at $9 per share Which of the following items would be part of the journal entry to record this stock issuance?A $12,000 credit to CashB $24,000 debit to Common Stock, $6 Par ValueC $36,000 credit to CashD $12,000 credit to Paid in Capital in Excess of Par Value, Common Stock 5 When dealing with the concepts of dividends there are typically three important dates to be mindful of Which of the three dates does not require a journal entry on the books of the issuing company?A Date of declarationB Date of recordC None of the other answersD Date of payment7 Charter Home Supply recently sold 8,000 five year bonds with a face value totalling $8,000,000 and paying $50 each in interest seminannually while the market rate on similar debt instruments is 12% With this in mind we know that the bonds sold at ______________A a premiumB a discountC the par valueD an inflated rate 8 Eagle Company issues bonds with a par value of $55,000 on their stated issue date The bonds mature in 10 years and pay 8% annual interest in semiannual payments On the issue date, the annual market rate for the bonds is 10%What would be the price of the bonds as of their issue date?A $48,146B $99,000C $4,400D $55,0009 On April 1, 2012 Wilson borrows $16,000 cash by signing a three-year 8% installment note The note requires three equal payments of accrued interest and principle on March 31 of each year from 2013 through 2015 Compute the amount of the three equal total paymentsA $6,20853B 37333C 5,33333D 1,12000 16 True or False:The 20% ownership test for consideration of significant influence over an investee can not be overruled, even in the face of other evidence that would be more pusuasive
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