A company purchased 2,600 shares of treasury stock for $39,600 cash. The treasury stock was...
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Accounting
A company purchased 2,600 shares of treasury stock for $39,600 cash. The treasury stock was initially issued for $25,600 and had a $10,600 par value. Which of the following statements incorrectly describes the effect of the treasury stock purchase?
Stockholders' equity decreases.
Total assets remain the same.
Earnings per share increases.
Net income is unchanged.
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