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As of December 31, 2021, Warner Corporation reported the following: Cash dividends payable Treasury stock Paid-in capital-share repurchase Common stock and other paid-in capital accounts
As of December 31, 2021, Warner Corporation reported the following: Cash dividends payable Treasury stock Paid-in capital-share repurchase Common stock and other paid-in capital accounts Retained earnings $ 21,000 610,000 21,000 4,100,000 3,100,000 During 2022, half of the treasury stock was resold for $242,000; net income was $610,000; cash dividends declared were $1,510,000; and stock dividends declared were $510,000. The 2022 sale of half of the treasury stock would: Multiple Choice Reduce retained earnings by $42,000 Reduce Income before tax by $63,000 Reduce retained earnings by $63,000 o Increase total shareholders' equity by $305,000
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