Below is shown the stockholders equity section of Tulip Companysbalance sheet at

Question

Below is shown the stockholders equity section of Tulip Companysbalance sheet at December 31, 2007.

Common stock, $2.00 par value, 5,400,000shares                               $4,400,000

                authorized 2,200,000 sharesissued andoutstanding                

       Paid- In capital in excessof parvalue                                             30,800,000

       Retainedearnings                                                                            46,000,000

             Total stockholders’equity                                                             $81,200,000

All of the following occurred in year 2005 and were properlyrecorded.

Explanation / Answer

x.0mnt style="background-color: yellow">The company purchased 30,000 shares of its own stock at $ 21 per share on January 2.

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