Share Repurchases and Cancellation} Kellman Company Inc. repurchases 110,000 of its own shares for ($ 8) per
Question:
Share Repurchases and Cancellation}
Kellman Company Inc. repurchases 110,000 of its own shares for \(\$ 8\) per share on September 4, 2018. The shares were ofriginally issued for \(\$ 6\) per share.
Required:
1. How will this transaction affect shareholders' equity?
2. How will this transaction affect net income?
\section*{Cornerstone Exercise
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Related Book For 
Cornerstones Of Financial Accounting
ISBN: 9780176707125
2nd Canadian Edition
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
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