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Brilliant Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next
Brilliant Marketing Corporation reported the following stockholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next year, Brilliant purchased treasury stock at a cost of $23 million and resold treasury stock for $11 million (this treasury stock had cost the company $2 million). Read the requirements Requirement 1. Record the purchase and resale of Brilliant's treasury stock. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in First, record the purchase of the treasury stock. Journal Entry Date Accounts Debit Credit Data Table Millions Common stock Additional paid-in capital Retained earnings Treasury stock Total stockholders' equity 225 297 2,139 (611) 2,050 Next, record the resale of the treasury stock. Journal Entry Date Accounts Debit Credit Millions PrintDone Requirement 2. Overall, how much did stockholders' equity increase or decrease from the two transactions? Overall stockholders' equity million. Requirements decreased increased 1. 2. Record the purchase and resale of Brilliant's treasury stock. Overall, how much did stockholders' equity increase or decrease from the two transactions? Print Done
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