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A. Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? B. Overall, shareholders' equity ______ by $ ______ million.

A. Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? B. Overall, shareholders' equity ______ by $ ______ million.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions?

B. Overall, shareholders' equity ______ by $ ______ million.

 

Creative Marketing Corporation reported the following shareholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next year, Creative Marketing purchased treasury shares. a cost of $21 million and resold treasury shares for $6 million (this treasury share had cost Creative Marketing $2 million). Record the purchase and resale of Creative Marketing's treasury shares. Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? Record the purchase and resale of Creative Marketing's treasury shares. (Record debits first, then credits. Explanations are not required. Enter amounts in millions.) First, record the purchase of the treasury shares. Journal Entry Accounts Debit Credit Next, record the resale of the treasury shares. Journal Entry Accounts Millions Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? Debit Millions Credit
Transcribed Image Text:Creative Marketing Corporation reported the following shareholders' equity at December 31 (adapted and in millions): (Click the icon to view the data.) During the next year, Creative Marketing purchased treasury shares. a cost of $21 million and resold treasury shares for $6 million (this treasury share had cost Creative Marketing $2 million). Record the purchase and resale of Creative Marketing's treasury shares. Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? Record the purchase and resale of Creative Marketing's treasury shares. (Record debits first, then credits. Explanations are not required. Enter amounts in millions.) First, record the purchase of the treasury shares. Journal Entry Accounts Debit Credit Next, record the resale of the treasury shares. Journal Entry Accounts Millions Overall, how much did shareholders' equity increase or decrease as a result of the two treasury share transactions? Debit Millions Credit
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