Homework Answers
12) B) credit to common stock for $ 120,000
Explanation : The journal entry for the transaction is as follows
| Particulars | Debit | Credit |
| Cash [ 15,000 X 15] | $ 225,000 | |
| Common stock [ 15,000 X 8] | 120,000 | |
| Paid in capital [ 15,000 X 7] | 105,000 |
13) C) The board of directors is obligated to declare dividends.
Explanation : Share holders have no right to dividends even if adequate funds are available . The directors alone have the power to determine when and how much to pay dividends. It is not obligatory for the board of directors to pay each and every year dividends to the share holders.
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