Keeper Ltd. has 50,000 no par value common shares authorized, issued, and outstanding. All 50,000 shares were issued at $4 per share. Retained earnings are $60,000. If 5,000 common shares were reacquired at $3 and cancelled, Question 9 options: retained earnings would decrease $15,000. shareholders' equity would decrease $75,000. contributed surplus would decrease $5,000. contributed surplus would increase $5,000.

Answer rating: 100% (QA)

When a company reacquires its own shares and cancels them the impact is typically recorded in the ... View the full answer