Question: Look back at problem l. What would happen to the company's books if instead it bought back 1,000 shares at $5 per share? The average

Look back at problem l. What would happen to the company's books if instead it bought back 1,000 shares at $5 per share? The average issue price of these shares was $5.
Common stock..................................$60,000
Retained earnings................................30.000
Common equity..................................90,000

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