Michael Co. issued 12,000 shares of common stock for $25 cash per share on January...
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Accounting
Michael Co. issued 12,000 shares of common stock for $25 cash per share on January 1st. Then, on March 31st it repurchased 6,000 of these common shares to hold as treasury stock at $23 per share. The net effect on the financial statements from both transactions includes:
Select one:
a. Stockholder's equity decreases by $300,000
b. Liabilities increases by $162,000
c. Stockholder's equity increases by $162,000
d. Assets increase by $300,000
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