Question
ASAP Refer to the following information for Tangent Corporation: 1. Common Stock $1.00 par, 120,000 shares issued, 106,000 shares outstanding. 2. Paid-In Capital in Excess
ASAP Refer to the following information for Tangent Corporation: 1. Common Stock $1.00 par, 120,000 shares issued, 106,000 shares outstanding. 2. Paid-In Capital in Excess of Par-Common: $2,180,000 3. Retained Earnings: $960,000 4. Treasury Stock: 5,000 shares purchased at $31 per share If Tangent resold 2,200 shares of treasury stock for $18.50 per share, which of the following would be true? a) The Retained Earnings account would increase by $40,700 b) The Treasury Stock account would decrease by $34,100 c) The Paid in Capital in Excess of Par- Common would increase by $2,200 d) The Treasury Stock account would decrease by $68,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started