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guys please help me out here! I really gotta answer these quickly! Please! Thank you in advance! Consider the following transactions for Lavigne Corp. Assume

guys please help me out here!

I really gotta answer these quickly! Please!

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Consider the following transactions for Lavigne Corp. Assume Lavigne Corp. uses the cost method for any treasury stock transactions. For each of the following transactions indicate the effect of the transaction on 1) Retained earnings, and 2) Total shareholders equity. I is for increase, D is for decrease, and NE means no effect on RE and no effect on total equity. For example, the choice NE, I means no effect on retained earnings, increase to total equity. Remember that items that effect retained earnings also effect shareholders equity, as retained earning is an equity account. (However, if there is another equity account with an offsetting change, it is possible to have an effect on RE with no effect on total equity.) a. I, I b. D, D c. NE, NE d. NE, I e. NE, D f. D, NE The Retained Earnings account balance for a large corporation is $10,000,000. This amount represents a. Cumulative profits over time that have not been distributed to shareholders b. Cash in the bank c. Current year profits that have not been distributed to shareholders d. Revenues since the inception of the corporation The balance of the $0.60 par Common Stock account for Patriot Company was $60,000 before its recent 3-for-1 stock split. The market price of the stock was $30 per share. What occurred as a result of the split? a. The balance in the retained earnings account was decreased. b. The balance in the common stock account increases to $180,000. c. The par value per share decreased to $10 per share. d. The market value of each share would theoretically be reduced to $10 per share. e. The balance in the common stock account declines to $20,000

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