Louisiana State University, Shreveport ACC ACC 701 For the year that just ended, a company reports net income of…
Glow Co. reacquired 60,000 shares of its common stock at $25 per share. The balance of the treasury stock account is reported on the balance sheet as a(n):
a. reduction of stockholders’ equity.
b. increase in current liabilities.
c. reduction of fixed assets.
d. increase in long-term liabilities.
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