Reference no: EM13965179
On April 1, 2011, Jetter Corporation reacquired 2,000 shares of its own $10 par stock for $120,000 cash. On October 15, 2011, 600 of the treasury shares were reissued at a price of $65 per share.
Refer to the information above. The reacquisition of the 2,000 shares on April 1, 2011, causes:
a. No change in total assets of Jetter Corporation.
b. No change in the number of shares of Jetter Corporation stock outstanding.
c. A reduction in total assets and in total stockholders' equity of Jetter Corporation.
d. Jetter Corporation to show a new asset, "Treasury Stock", for $120,000.
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