36.First Statement: ZZZ Corporation undergone corporate restructuring and plans to reduce its shares by reacquiring its issued and outstanding shares.

Second Statement: Wolfe Corporation recently approve stock dividends to its shareholder and in the process created fractional shares. The corporation plans to reacquire its fractional shares resulting from the stock dividends. a. The corporation is incorrect in both instance

b.Only ZZZ Corporation has a legal right to exercise reacquisition powers of shares

c.Only Wolfe Corporation has a legal basis to exercise reacquisition powers of shares

d.Both ZZZ and Wolfe has the legal basis to exercise reacquisition powers of shares