Question: Current Attempt in Progress ABC Corporation has reacquired 1 0 0 , 0 0 0 of its shares at $ 1 5 per share. The

Current Attempt in Progress
ABC Corporation has reacquired 100,000 of its shares at $15 per share. The average cost of these shares was $11 per share and there
was no prior balance in the contributed surplus account. The effect on retained earnings would be
a debit of $400,000.
no impact.
a credit of $400,000.
a credit of $1,100,000.
Current Attempt in Progress ABC Corporation has reacquired 100,000 of its

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