Question#$02$:

a$)$ Treasury stock is not an asset; it is essentially the same as unissued capital stock. Do you

agree? Why or why not? Justify.

b$)$ Washington Company has the following stockholders' equity accounts at December $31,$

Common Stock $($ $$100$ par value, authorized $8,000$ shares$)$ $$480,000$

Retained Earnings $294,000$