All of the Following Regarding Accounting for Treasury Stock Are

Multiple Choice

All of the following regarding accounting for Treasury Stock are true except:

A) Corporations do not record gains or losses on transactions involving their own stock.
B) Treasury Stock receives cash dividends but not stock dividends.
C) Purchasing Treasury Stock reduces the corporation's assets and equity by equal amounts.
D) Treasury Stock is presented on the balance sheet as a contra equity account.
E) Treasury Stock does not have voting rights.