question archive Sanja Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions): Common stock
Sanja Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions): Common stock
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Sanja Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions):
Common stock.................................. $ 365
Additional paid-in capital.................. 286
Retained earnings.............................. 3,190
Treasury stock................................... (690)
Total stockholders’ equity................. $3,151
During the next year, Sanja Marketing purchased treasury stock at a cost of $34 million and resold treasury stock for $15 million (this treasury stock had cost Sanja Marketing $6 million). Record the purchase and resale of Sanja Marketing’s treasury stock. Overall, how much did stockholders’ equity increase or decrease as a result of the two treasury-stock transactions?
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