As of December 31, 2016, Oxley Corporation reported the following: ...
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Accounting
| As of December 31, 2016, Oxley Corporation reported the following: |
| Dividends payable | $27,000 |
| Treasury stock | 670,000 |
| Paid-in capital - share repurchase | 27,000 |
| Other paid-in capital accounts | 4,700,000 |
| Retained earnings | $3,700,000 |
| During 2017, half of the treasury stock was resold for $254,000; net income was $670,000; cash dividends declared were $1,570,000; and stock dividends declared were $570,000. |
| The 2017 sale of half of the treasury stock would: |
Reduce retained earnings by $54,000
Reduce income before tax by $81,000
Increase total shareholders' equity by $335,000
Reduce retained earnings by $81,000
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