CGI Corporation Had 10,000 Shares of $2 Par Common Stock

question 30

Multiple Choice

CGI Corporation had 10,000 shares of $2 par common stock outstanding; the shares had been issued at $5 per share.At the end of March 2011, CGI declared a $3 cash dividend per share when the market price of the stock was $8 per share.After processing the dividend transaction, the balance in CGI's common stock account will be:

• A)$20,000.
• B)$30,000.
• C)$50,000.
• D)Some other amount.

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Definitions:

Elasticity

Ability to return to shape after being stretched.

Spirits of Ammonia

A solution of ammonia in water used as a stimulant, antacid, and astringent, historically in smelling salts to revive someone who has fainted.

Inhalant

A substance inhaled to give a pharmacological effect, often drugs, anesthetics, or volatile substances used recreationally.

Clotting

A process by which blood changes from a liquid to a gel, forming a blood clot, which is crucial for preventing excessive bleeding when the vascular system is injured.