Trans Union Corporation purchased 20,000 shares of its own stock for $45 per share. The next year,

Question:

Trans Union purchased 20,000 shares of its own stock for $45 per share. The next year, the company sold 5,000 shares for $50 per share and the following year, it sold 10,000 shares for $37 per share. Determine the impact (increase, decrease, or no change) of each of these transactions on the following classifications:
1. Total assets.
2. Total liabilities.
3. Total stockholders’ equity.
4. Net income.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...