O'Brien Industries paid $12 per share to acquire 1,000 of its common shares, which were originally issued for $15 each. Several months later the company issued 1,000 common shares at a price of $15. What effect would these transactions have on common shares, contributed surplus, retained earnings, and total shareholders' equity?

Answer rating: 100% (QA)

The transactions described would have the following effects on the financial statements 1 Acquisition of 1000 common shares by OBrien Industries Commo... View the full answer