The TD Bank reacquired 30.6 million of its own common shares for $2,158 million in fiscal 2010 and held them as treasury shares until they were later resold.
(a) What are some of the likely reasons the TD Bank reacquired its own shares?
(b) How would the TD Bank report any treasury shares in the shareholders' equity section of its statement of financial position at year end?
(c) Would your answer in (b) change if the TD Bank had reacquired and retired the shares instead of holding them in its treasury? Explain.