Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Not use chart gpt please solve this question general Accounting

Omega Corporation repurchases 3,000 shares of its
own $4 par common stock for $20 per share, recording
it at cost. What is the effect on total stockholders'
equity?
A) Decrease by $60,000
B) Decrease by $12,000
C) Decrease by $32,000
D) Decrease by $40,000
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Transcribed Image Text:Omega Corporation repurchases 3,000 shares of its own $4 par common stock for $20 per share, recording it at cost. What is the effect on total stockholders' equity? A) Decrease by $60,000 B) Decrease by $12,000 C) Decrease by $32,000 D) Decrease by $40,000
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