quiz Instructions Please allocate your time between multiple-choice questions and journal entry questions efficiently within the 90 minute exam time. OSC D Question 15 At December 31, 2020, UMC's balance sheet reported the following shareholders' equity Common stock, $1 par Paid-in capital in excess of par Retained earnings Treasury stock (4 million shares at cost) Total shareholders' equity ($ in millions) $200 800 956 (25) $1.931 The Company decided to retire the 4 million treasury shares on December 31, 2020. The effect of the retirement of treasury shares on retained earnings is that O Retained earnings increases O Retained earnings does not change O None of the other answers is correct. O Retained earnings decreases - 39 1 Q A ock @ 2 *: M S 80 13 #3 3 E $ 44 4 D MacBook Air " 17 % 85 66 & 7 * 8 R T Y U DI 14 3 pts LL F G H J Z X C V B N