Naine: Date: 1. A corporation has the following account balances Common stock. Slar value $60.000; Paid-in Capital in Excess of Par, S1,300,000. Based on this information, the A) number of shares issued are 60,000 B) average price per share issued is $22.50. C) legal capital is $1,360,000. D) number of shares outstanding are 1.360.000. BLACK 2. A company just starting business made the following four inventory purchases in June: June 150 units S390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 510 S2.115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is A) $1.290. B) $683 C) $1,432. D) $825. 3. If Keene Company issues 9,000 shares of $5 par value common stock for $160,000, the account A) Cash will be debited for $115,000. B) Common Stock will be credited for $45.000 C) Paid-in Capital in Excess of Par will be credited for $45.000 D) Paid-in Capital in Excess of Par will be credited for S160,000 4. Farr Company purchased a new van for floral deliveries on January 1, 2018. The van cost $56,000 with an estimated life of 5 years and $14,000 salvage value at the end of its useful life. The double-declining balance method of depreciation will be used. What is the depreciation expense for 2018? A) $22.400 B) $11.200 C) $8.400 D) $16,800 5. On January 14, Edamame Industries purchased supplies of S700 on account. The entry to record the purchase will include A) a debit to Accounts Receivable and a credit to Supplies. B) a debit to Supplies and a credit to Accounts Payable. C) a debit to Supplies Expense and a credit to Accounts Receivable. D) a debit to Supplies and a credit to Cash. 6. On January 1, Runner Corporation issued $2,000,000, 13%, 5-year bonds with interest payable on January 1. The bonds sold for $2,197,080. The market rate of interest for these bonds was 11%. On the first interest date, using the effective-interest method, the debit entry to Interest Expense is for A) $285,620 B) $220,000. C) $260,000 D) $241.679