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If a corporation repurchases 500 shares of its previously-issued common stock then retires these shares, which of the following is true? a. Approval from the

If a corporation repurchases 500 shares of its previously-issued common stock then retires these shares, which of the following is true?

a. Approval from the state is required for this type of transaction.
b. A gain or loss must be recorded, depending on the difference between the repurchase cost and the original issue price.
c. A new class of stock must be issued in place of the 500 retired shares.
d. The common stock and paid-in capital accounts must be decreased by the amount of the original issue price

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