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. Two thousand shares of treasury stock of Neyer, Inc., previously acquired at $12 per share, are sold at $18 per share. The entry to record this transaction will include a credit to Treasury stock for $36,000 b.debit to Paid-In Capital from Treasury Stock tor $12,000. c. debit to Treasury Stock for $24,000 credit to paid-In Capital from Treasury Stock for $12,000 2. If. Vickers Company issues 1,000 shares of $5 par value common stock for $70, 000, a. Common stock will be credited for $70,000. b. Paid-In capital in Excess o Par Value will be credited for $5, 000. c. Paid-In Capital in Excess of Par Value will be credited for $65, 000 d. Cash will be debited for $65, 000. 3. Which of the following is an incorrect statement about a corporation? a. A corporation is an entity separate and distinct from its owners. b. Creditors ordinarily have recourse only to corporate assets in satisfaction of their elaims c. A corporation may be formed in writing, orally, or implied d. A corporation is subject to numerous state and federal regulations. 4. A typical organization chart showing delegation of authority would show a. stockholders delegating to the board of directors. b. the hoard of directors delegating to stockholders. c. the chief executive officer delegating to the board of directors. d. the controller delegating to the chief executive officer. 5. If a stockholder cannot attend a stockholder's meeting, he may delegate his voting rights by means of a. an absentee ballot. b. a proxy. c. a crtified letter. d. a telegram. 6. Paid-In Capital in Excess of Stated Value a. is credited when no-par stock does not have a stated value. b. is reported as part of paid-in capital on the balance sheet. c. represents the amount of legal capital. d. normally has a debit balance. If no-par stock is issued without a stated value, then a. the par value is automatically $1 per share. b. the entire proceeds are considered to be legal capital C, there is no legal capital. d. the corporation is automatically in violation of its state charter

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