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QUESTION 27 A corporation purchases 50,000 shares of its own $23 par common stock for $55 per share, recording it at cost. Calculate the effect

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QUESTION 27 A corporation purchases 50,000 shares of its own $23 par common stock for $55 per share, recording it at cost. Calculate the effect to total shareholders' equity as a result of this transaction. Note: A decrease to total shareholders' equity should be indicated by a negative number while an increase should be indicated by a positive number, QUESTION 28 Partners Ana, Beth, and Cathy have capital account balances of $71,000 each. The income and loss ratio is 6:2:2, respectively. In the process of liquidating the partnership, noncash assets with a book value of $64,000 are sold for $21,000. Calculate the balance of Beth's Capital account after the sale

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