Question
44 The following information is available concerning Lahm Corporation's Treasury Stock on January 1, 2013: Treasury Stock, 100,000 shares purchased at $10 per share $1,000,000
44
The following information is available concerning Lahm Corporation's Treasury Stock on January 1, 2013:
Treasury Stock, 100,000 shares purchased at $10 per share $1,000,000
Additional Paid-in Capital - Treasury Stock (APIC-TC) 300,000
Lahm reissues all 100,000 shares of treasury stock at $6 per share on February 10,2013. Which of the following statements about the entry on February 10, 2013 are correct?
(1) It increases stockholder's equity by $1,000,000
(2) It increases stockholder's equity by $600,000
(3) It does not affect retained earnings
(4) It reduces treasury stock by $1,000,000
Account Title | Debit | Credit |
multiple choice : which 2 are answers.
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