Wildhorse Corporation purchased trading investment bonds for…

Wildhorse Corporation purchased trading investment bonds for $64,000 at par. At December 31, Wildhorse received annual interest of $2,560, and the fair value of the bonds was $61,200. What is the effect on the statement of financial position as a result of these transactions?  

Mingenback Company has 630,000 shares of $10 par value commo…

Mingenback Company has 630,000 shares of $10 par value common stock outstanding. During the year Mingenback declared a 15% stock dividend when the market price of the stock was $48 per share. Two months later Mingenback declared a $.60 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by: