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please answer both questions (don't have much questions left) At the annual shareholders'...

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Accounting

please answer both questions (don't have much questions left)

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At the annual shareholders' meeting, the president of the Sante Corporation makes the following statement: "The net income for the year, after taxes, was $1,096,000. The directors have decided that the corporation can afford to distribute only $500,000 as a cash dividend." These two statements are: Multiple Choice Cash available determined the maximum of cash dividends that can be declared None of the other alternatives are correct Net Income determined the maximum of cash dividends that can be paid Incompatible Compatible Twilight Corporation issued 250 shares of $15 par value stock for $17 per share. The journal entry to record this transaction would include a: Multiple Choice Credit to Cash of $4,250 Debit to Common Stock of $3,750 Credit to Paid in Capital in Excess of Par Value of $500 None of these Debit to Cash of $3,750

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