Refer to the Following Information for Tolan Corporation: • Common

question 230

Multiple Choice

Refer to the following information for Tolan Corporation: • Common Stock,$1.00 par,106,000 shares issued,100,000 shares outstanding
• Paid-In Capital in Excess of Par-Common: $2,190,000
• Retained Earnings: $920,000
• Treasury Stock: 6000 shares purchased at $21 per share
If Tolan resold 2500 shares of treasury stock for $22.50 per share,which of the following statements would be TRUE?

• A) The Treasury Stock account would decrease by $26,250.
• B) The Paid-In Capital in Excess of Par-Common account would increase by $2500.
• C) The Treasury Stock account would decrease by $52,500.
• D) The Retained Earnings account would increase by $56,250.

---

Definitions:

Gene

A basic unit of heredity made up of DNA that contains the instructions needed to develop and direct the activities of cells in an organism.

Nonshared Environment

pertains to the unique environmental factors that contribute to the differences between individuals, particularly siblings, in the same family.

Social-economic Status

A combined measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.