Raintree Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions): Common stock...........................................$

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Raintree Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions):
Common stock...........................................$ 365
Additional paid-in capital.................................286
Retained earnings.......................................3,190
Treasury stock ...........................................(690)
Total stockholders' equity............................$3,151
During the next year, Raintree Marketing purchased treasury stock at a cost of $34 million and resold treasury stock for $15 million (this treasury stock had cost Raintree Marketing $6 million). Record the purchase and resale of Raintree Marketing's treasury stock. Overall, how much did stockholders' equity increase or decrease as a result of the two treasury-stock transactions?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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