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The Jennings Group reacquired 3 million of its shares at $55 per share as treasury...

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Accounting

The Jennings Group reacquired 3 million of its shares at $55 per share as treasury stock. Last year, for the first time, Jennings sold 1 million treasury shares at $56 per share. By what amount will Jennings retained earnings decline if it now sells the remaining 2 million treasury shares at $52 per share?

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