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On January 5, 2016, the Board of Directors of Matrix, Inc declares a cash dividend of $1 per share on the 500,000 shares of common stock outstanding. The dividend is payable to stockholders of record on February 5, and will be paid on March 5. The correct entry to be made on January 5 is: Dividends Payable 500,000 Cash 500,000 No entry is necessary Common Stock 500.000 Dividends Payable 500,000 Retained Earnings 500,000 Dividends Payable 500.000 A machine with a cost of $120,000 has an estimated residual value of $15,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-output method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? $35.000 $21,000 $5,000 $45.000 NAL Corp. sold 1,000,000 shares of its common stock with a par value of $1.00 for $5.00 each. The entry to record this transaction would be: 6,000,000 Common Stock Par Value 1,000,000 Common Stock Excess 5,000,000 Cash Cash 5,000,000 Common Stock Additional Paid-in Capital 4,000,000 1.000.000 o Cash 5.000.000 Common Stock Additional Paid-in Capital 5.000.000 Common Stock 1,000,000 4,000,000 Cash 5,000,000 A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double-declining balance method? $16.667 $37,500 $18.750 $17.500

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