In 2016, Winn, Inc., issued $1 par common stock for $35 per share. No other common...
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?
-
2018 net income is decreased.
-
Additional paid-in capital is decreased.
-
2018 net income is increased.
-
Retained earnings is increased.
Homework Answers
At the time of issue the company recorded the paid in capital and excess paid in capital related to that stock.
At the time retirement the company has to close that paid in capital.
Excess or additional paid in capital is transferred to retained earnings.
Therefore the amount of retained earnings will increase as result of retirement of stock
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2.
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