(Answered) Question - morgans rating service has the following amounts

Accounting

Question - Morgan's Rating Service has the following amounts at December 31: Common Stock, $1 par, 500 shares issued, $500; Paid-in Capital in Excess of Par Value, $10,000; Retained Earnings, $7,000; and Treasury Stock, 20 shares, $450.

Prepare the stockholders' equity section of the balance sheet.

List three reasons why Morgan's Rating Service may have Treasury Stock.

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