On June 30, 2015, London Iron & Steel Company showed the following data on the equity section of their balance sheet: Stockholders’ equity

Question 6 Saved On June 30, 2015, London Iron & Steel Company showed the following data on the equity section of their balance sheet: Stockholders’ equity Common stock, $1 par 190,000 shares authorized, 140,000 shares issued and outstanding $140,000 Paid-in capital in excess of par—Common 260,000 Retained earnings 940,000 Total stockholder’s equity $1,340,000 On July 1, 2015, London Iron & Steel declared and distributed a 5% stock dividend. The market value of the stock at that time was $13 per share. Following this transaction, how much would the total stockholders’ equity be? Question 6 options: a) $1,340,000 b) $1,500,000 c) $1,260,000 d) $1,214,000 Chesapeake Foods has a 60-day, 10% note for $8,000, dated April 15,that it has received from a customer on account. The face value of the note is Question 7 options: a) $8,600 b) $7,200 c) $8,800 d) $8,000

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