Wendell Company Provided the Following Pertaining to Its Accounting Year

question 82

Multiple Choice

Wendell Company provided the following pertaining to its accounting year that ended December 31, 2016: • Common stock with a $10,000 par value was sold for $50,000 cash
• Cash dividends totaling $20,000 were declared, of which $15,000 were paid
• Net income was $70,000
• A 5% stock dividend resulted in a common stock distribution, which had a $5,000 par value and a $23,000 market value
• Treasury stock repurchased in a prior year for $9,000 was resold for $7,000 and in the journal entry to record the sale, Additional paid-in capital was debited for the amount of the difference between the repurchase price and the resale price
What is the amount of net increase in Wendell's additional paid-in capital account during the year 2016?

• A)$60,000.
• B)$58,000.
• C)$56,000.
• D)$24,000.

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