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What effect does it have on stockholders equity

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Reference no: EM132692846

Problem - A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, recording it at cost.

a. What effect does this transaction have on revenue or expense of the period?

b. What effect does it have on stockholders' equity?

Reference no: EM132692846

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