In january 2007 castro corporation a newly formed company, Ask an Expert

Accounting

In January 2007, Castro Corporation, a newly formed company, issued 10,000 shares of its $10 par common stock for $15 per share. On July 1, 2007, Castro Corporation reacquired 1,000 shares of its outstanding stock for $12 per share. The acquisition of these treasury shares:

a. decreased total stockholders' equity.

b. increased total stockholders' equity.

c. did not change total stockholders' equity.

d. decreased the number of issued shares.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445714

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