Question: On January 1 2014 Stamford reacquires 8 000 of the outstanding

On January 1, 2014, Stamford reacquires 8,000 of the outstanding shares of its own common stock for $24 per share. None of these shares belonged to Neill. How does this transaction affect the parent company’s Additional Paid-In Capital account?
a. Has no effect on it.
b. Decreases it by $55,000.
c. Decreases it by $35,000.
d. Decreases it by $28,000.

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  • CreatedJanuary 08, 2015
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