As of December 31, 2021, Bennacer Corporation reported the following: ...
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Accounting
As of December 31, 2021, Bennacer Corporation reported the following:
| Cash dividends payable | $ | 38,000 | |
| Treasury stock | 780,000 | ||
| Paid-in capitalshare repurchase | 38,000 | ||
| Common stock and other paid-in capital accounts | 5,800,000 | ||
| Retained earnings | 4,800,000 | ||
During 2022, half of the treasury stock was resold for $276,000; net income was $780,000; cash dividends declared were $1,680,000; and stock dividends declared were $680,000. The 2022 sale of half of the treasury stock would:
Multiple Choice
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Reduce retained earnings by $114,000
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Reduce income before tax by $114,000
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Reduce retained earnings by $76,000
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Increase total shareholders' equity by $390,000
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