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As of December 31, 2016, Oxley Corporation reported the following: ...

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Accounting

As of December 31, 2016, Oxley Corporation reported the following:

Dividends payable $27,000
Treasury stock 670,000
Paid-in capital - share repurchase 27,000
Other paid-in capital accounts 4,700,000
Retained earnings $3,700,000

During 2017, half of the treasury stock was resold for $254,000; net income was $670,000; cash dividends declared were $1,570,000; and stock dividends declared were $570,000.

The 2017 sale of half of the treasury stock would:

Reduce retained earnings by $54,000

Reduce income before tax by $81,000

Increase total shareholders' equity by $335,000

Reduce retained earnings by $81,000

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