Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 22,2023, corona corporation reacquired

On October 22,2023, Corona Corporation reacquired 2,000 shares of its own $5 par stock for...

90.2K

Verified Solution

Question

Accounting

On October 22,2023, Corona Corporation reacquired 2,000 shares of its own $5 par stock for $60,000 cash. On December 23,2023,600 of the treasury shares were reissued at a price of $40 per share.
As a result of the reacquisition of the 2,000 shares on October 22,2023, Corona:
Select one:
a. Has violated stock buyback provisions of the Securities & Exchange Commission.
b. Will NOT record any change in total assets.
c. Will record a reduction in total assets and in total stockholders' equity.
d. Will record a new asset, "Treasury Stock", for $60,000.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

A highway embankment of formation width of 15 m and side slopes 1.5:1 is to be...

Psychology
1.2K views

Egocentricity Please respond to EACH of the following discussion topics and submit them to the discussion forum as...

Physics
1.2K views

Find the angular speed of the turntable after the parachutist lands.(Assume that you can treat the...

Physics
1.2K views

10 The circuit shown in the diagram extends to the right into infinity Each A...

Accounting
1.2K views

Which of the following is least likely to be affected by an adjusting entry? cash...

Accounting
1.2K views

Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 3,800...

Accounting
1.2K views

Waterway Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis....

Accounting
1.2K views

can i get answer step by step Pequtrect Pequtrect

Finance
1.2K views

Problem 13-3 Calculating Cost of Debt Shanken Corp. issued a 25-year, 12 percent semiannual bond...

Finance
1.2K views

Suppose that the index model for stocks A and B is estimated from excess returns...

Accounting
1.2K views

RootSystems manufactures an optical switch that it uses in its final product. RootSystems incurred the...

Accounting
1.2K views

Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions...