QUESTION 38 Treasury stock is OA) a contra equity account B) a contra asset account O a liability account D) an asset account QUESTION 39 Assume the following information for Western Sales, Inc: Common Stock, 51.00 par. 232,000 shares issued, 185,000 shares outstanding Pald-in Capital in Excess of Par-Common: 51,690,000 Retained Earnings: $2,460,000 Treasury Stock: 47,000 shares purchased at $17 per share If Western Sales purchases an additional 8000 shares of treasury stock at $20 per share, what number of shares will be shown as issued and outstanding A 185,000 issued: 185,000 outstanding B) 224,000 issued: 185.000 outstanding OC) 232,000 issued: 177.000 outstanding OD) 232,000 Issued: 185,000 outstanding QUESTION 40 The purchase of treasury stock A) decreases assets and stockholders' equity OB) increases assets and stockholders' equity O C) increases assets and decreases stockholders' equity OD) decreases assets and increases stockholders' equity