Question: pls help, i got the wrong answer for the following questions Company N bought back its own stock on the New York Stock Exchange. It

pls help, i got the wrong answer for the following questions

Company N bought back its own stock on the New York Stock Exchange. It paid $9,000,000 for this treasury stock. How should this stock be recorded? 1) Decrease current assets by $9,000,000 and increase current assets by $9,000,000. 2) Decrease current assets by $9,000,000 and increase long-term assets by $9,000,000. 3) Decrease current assets by $9,000,000 and decrease equity by $9,000,000. Please study the cheat sheet I prepared for this course. One of the things that it shows is the 11 elements of the financial statements. What is the 3rd element on this sheet? To find a larger copy, see the Content section of D2L - materials for the final project. 1) Record 2) Equity 3) Liabilities 4) Current Liabilities

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