On April 1, 2015 Jeter Co reacquired 2,000 shares of its own $10 par stck...
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Accounting
On April 1, 2015 Jeter Co reacquired 2,000 shares of its own $10 par stck for $120,000 cash. On Oct. 15, 2015, 600 of the treasury shares were reissued at a price of $65 per share.
The reacquisition of the 2,000 shares on April 1, 2015 causes:
a. no change in total assets of Jeter Co
b. No change in the number of shares of Jeter Co outstanding
c. A reduction in total assets and in total stockholders equity of Jeter Co
d. Jeter Co to show a new asset, "treasury stock" for $120,000
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