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ACC 1100 Sample Final Exam 17. ABC Company repurchased and cancelled 1,000 of its common...

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ACC 1100 Sample Final Exam 17. ABC Company repurchased and cancelled 1,000 of its common shares for $7,000. The on issue price on the shares was $8 per share. Which accounts are affected by this transaction? a. b. C. Common Shares decreases by $7,000 Cash decreases by $7,000 Investment in ABC Co. increases by $7,000 Cash decreases by $7,000 Common Shares decreases by $8,000 Gain on repurchase of shares increases by $1,000 Cash decreases by $7,000 Common Shares decreases by $8,000 Contributed surplus increases by $1,000 Cash decreases by $7,000 None of the shnya d

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