Question
Refer to the following information for Tangent Corporation: times Common Stock, $ 1 $1.00 par, 101 comma 000 101,000 shares issued, 100 comma 000 100,000
Refer to the following information for Tangent Corporation: times Common Stock, $ 1 $1.00 par, 101 comma 000 101,000 shares issued, 100 comma 000 100,000 shares outstanding times Paid minus In Capital in Excess of Par long dash Common: $ 2 comma 170 comma 000 $2,170,000 times Retained Earnings: $ 970 comma 000 $970,000 times Treasury Stock: 9 comma 000 9,000 shares purchased at $ 33 $33 per share If Tangent resold 1 comma 800 1,800 shares of treasury stock for $ 18.00 $18.00 per share, which of the following statements would be true?
The Treasury Stock account would decrease by
$ 59 comma 400$59,400.
B.
The
PaidminusIn
Capital in Excess of
Parlong dashCommon
account would increase by
$ 1 comma 800$1,800.
C.
The Retained Earnings account would increase by
$ 32 comma 400$32,400.
D.
The Treasury Stock account would decrease by
$ 29 comma 700$29,700.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started