Question
Cinders MarketingCinders Marketing Corporation reported the following? stockholders' equity at December 31? (adapted and in ?millions): During the next? year, Cinders MarketingCinders Marketingpurchased treasury stock
Cinders MarketingCinders Marketing Corporation reported the following? stockholders' equity at December 31? (adapted and in ?millions):
During the next? year, Cinders MarketingCinders Marketingpurchased treasury stock at a cost of $28 million and resold treasury stock for $9 million? (this treasury stock had cost Cinders MarketingCinders Marketing $3 ?million).
Common stock.................................$281
Additional paid-in capital..................275
Retained Earnings............................2,129
Treasury Stock................................ (611)
Total Stockholders' Equity.................$2,074
1. Record the purchase and resale of Cinders Marketing'sCinders Marketing's treasury stock.
2. ?Overall, how much did? stockholders' equity increase or decrease as a result of the two? treasury-stock transactions?
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