Multiple Choice
Bailey Inc.issues 100,000 shares at $11 / share in January.Later that year the company is able to repurchase 9,000 of these shares at $10 per share.The effect of this is
A) a decrease to the share capital account of $90,000.
B) an increase to the contributed surplus account of $9,000.
C) a decrease to total shareholders' equity of $99,000.
D) an increase in retained earnings by $9,000.
Correct Answer:
Verified
Correct Answer:
Verified
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