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A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, recording...

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Accounting

A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, recording it at cost.

(1) What effect does this transaction have on revenue or expense of the period?

(2) What effect does this transaction have on stockholders' equity?

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