Multiple Choice
In 2016, Winn, Inc., issued $1 par common stock for $35 per share. No other common stock transactions occurred until July 31, 2018, when Winn acquired some of the issued shares for $30 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?
A) 2018 net income is decreased.
B) Additional paid-in capital is decreased.
C) 2018 net income is increased.
D) Retained earnings is increased.
Correct Answer:
Verified
Correct Answer:
Verified
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