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Assume that a company paid $7 per share to purchase 1,600 shares of its $4 par common stock as treasury stock. The purchase of treasury stock OA. decreased total equity by $6,400. OB. increased total equity by $6,400. OC. decreased total equity by $11,200. OD. increased total equity by $11,200.

Assume that a company paid $7 per share to purchase 1,600 shares of its $4 par common stock as treasury stock. The purchase of treasury stock OA. decreased total equity by $6,400. OB. increased total equity by $6,400. OC. decreased total equity by $11,200. OD. increased total equity by $11,200.

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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Assume that a company paid $7 per share to purchase 1,600 shares of its $4 par common stock as treasury stock. The purchase of treasury stock OO A. decreased total equity by $6,400. B. increased total equity by $6,400. C. decreased total equity by $11,200. D. increased total equity by $11,200. Exm
Transcribed Image Text:Assume that a company paid $7 per share to purchase 1,600 shares of its $4 par common stock as treasury stock. The purchase of treasury stock OO A. decreased total equity by $6,400. B. increased total equity by $6,400. C. decreased total equity by $11,200. D. increased total equity by $11,200. Exm
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