1. Which of the following forms of business is subject to double taxation?
c. Sole proprietorship
d. S corporation
Yancey Corporation issues 50,000 shares of common stock for $30 per share. The stock has a par value of $2 per share. By what amount would Yancey credit capital in excess of par?
3. Landon Corporation sold 16,000 shares of $0.50 par value common stock for $17 per share. Which of the following is the journal entry Landon should make?
4. Jackson Company is authorized to issue 20,000 shares of $0.50 par value stock. On February 1, it issues 4,000 shares. On April 20, an additional 6,000 shares are issued. On September 23, Jackson
repurchases 2,000 shares. On November 3, it reissues half of the shares it repurchased in September. How many outstanding shares does Jackson have on December 31?
5. Paul Mitchell purchased a licensing agreement for $40,000 prior to going to work for Traylor Corporation. Traylor agreed to issue 2,000 shares of common stock to Mitchell in exchange for his licensing agreement, which now has a value of $30,000. At the time of the stock exchange, Traylor’s $2 par value stock was selling for $14 per share. For what amount should Traylor debit the licensing agreement?
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