ABC Corporation has reacquired 100,000 of its shares at $15 per share. The average cost of these shares was $11 per share and there was no prior balance in the contributed surplus account. The effect on retained earnings would be as follows:<\/p>
A:a credit of $400,000.<\/p>
B:no impact.<\/p>
C:a debit of $400,000.<\/p>
D:a credit of $1,100,000.<\/p>", "transcribed_text": "", "related_book": { "title": "Auditing Cases An Active Learning Approach", "isbn": "0130674842, 978-0130674845", "edition": "2nd Edition", "authors": "Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/64ed8a8041add_6938.jpg", "uri": "\/textbooks\/abnormal-psychology-clinical-perspectives-on-psychological-disorders-1st-edition-9781266566899", "see_more_uri": "" }, "free_related_book": { "isbn": "1520630697", "uri": "\/textbooks\/home-health-aide-business-video-marketing-free-online-advertising-youtube-seo-and-small-business-grants-1st-edition-978-1520630694-279477", "name": "Home Health Aide Business Video Marketing Free Online Advertising Youtube Seo And Small Business Grants", "edition": "1st Edition" }, "question_posted": "2024-06-28 06:48:27", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/in-illustration-31-we-noted-that-the-rule-for-maximization", "description": "In Illustration 3.1 we noted that the rule for maximization set forth in the text contradicts some honored traditional principles such as Never give up, Anything worth doing is worth doing well, or...", "stars": 3 }, { "url": "\/study-help\/psychology-2e\/what-are-general-characteristics-of-the-middle-ages-and-the-1985047", "description": "What are general characteristics of the Middle Ages and the Roman Period.", "stars": 3 }, { "url": "\/study-help\/questions\/you-have-recently-assumed-the-role-of-cfo-at-your-85208", "description": "You have recently assumed the role of CFO at your company. 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