Refer to the Following Information for Tangent Corporation: • Common

question 102

Multiple Choice

Refer to the following information for Tangent Corporation: • Common stock, $1.00 par, 100,000 issued, 95,000 outstanding
• Paid-In capital in excess of Par-Common: $2,150,000
• Retained earnings: $910,000
• Treasury stock: 5,000 shares purchased at $20 per share
If Tangent resold 1,200 shares of treasury stock for $14.5 per share, which of the following statements would be true?

• A)The Treasury Stock account would go down by $12,000.
• B)The Paid-In Capital in Excess of Par-Common account would go up by $1,200.
• C)The Treasury Stock account would go down by $24.000.
• D)The Retained Earnings account would go up by $17,400.

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Definitions:

Yours, Mine, And Ours

A phrase often used to describe blended families that include children from previous relationships as well as any current union.

Community Remarriage

The cultural or societal practices and norms surrounding the re-marriage of individuals within a community, which can influence attitudes towards and acceptance of remarried couples.

Valuable Friendships

Deep and meaningful relationships that significantly contribute to one's well-being and life satisfaction.

Role Expectations

Social norms specifying the responsibilities and behaviors expected of individuals in certain positions.