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Question 54 2 pts If a company repurchases its stock at an amount above its par value and immediately retires the stock, it would have what affect on the financial statements? Assets will decrease by the stock's par value. Stockholders' equity will increase by the stock's purchase price. Stockholders' equity will decrease by the stock's purchase price. Stockholders' equity will decrease by the stock's par value. Question 39 The effective rate on a non-interest bearing note is: Always higher than the stated rate of interest. O Always equal to the stated rate of interest. Always lower than the stated rate of interest. Cannot be determined. Question 37 A company is facing a class-action lawsuit in the upcoming year. It is possible that the company will have to pay a settlement of approximately $800,000. How would this fact be reported, if at all, in the financial statements to be issued at the end of the current month? O No reporting would be required in this case. O Report in the footnotes to the financial statements. Report $800,000 as a current liability. Report $800,000 as a long-term liability. 2 pts Question 53 A convertible bond can be bought back by the issuing company at a set price. False True