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Accounting
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As of December 31, 2024, Yan Xiong Corporation reported the following: During 2025 , half of the treasury stock was resold for $240,000; net income was $600,000; cash dividends declared were $1,500,000; and stock dividends declared were $500,000. The 2025 sale of half of the treasury st-ck would: reduce income before tax by $60,000. increase total shareholders' quity by $300,000. reduce retained earnings by $60,000. reduce retained earnings by $40,000
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