A corporation purchases 5,203 shares of its own $5 par common stock for $23 per share, recording it at cost. What will be the effect on total stockholders' equity?

a.increase by $119,669

b.decrease by $93,654

c.decrease by $119,669

d.increase by $93,654

Texas Inc. has 4,155 shares of 4%, $100 par value cumulative preferred stock and 83,552 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

a.$40.00 per share

b.$4,155 in total

c.$3,342 in total

d.$16,620 in total