Refer to the following information for Tangent Corporation
• Common Stock, $1.00 par, 108,000 shares issued, 99,000 shares outstanding
• Paid-In Capital in Excess of Par-Common: $2,330,000
• Retained Earnings: $910,000
• Treasury Stock: 11,000 shares purchased at $33 per share
If Tangent resold 1,300 shares of treasury stock for $23.00 per share, which of the following statements would be true?
A) The Treasury Stock account would decrease by $21,450.
B) The Paid-In Capital in Excess of Par-Common account would increase by $1,300.
C) The Treasury Stock account would decrease by $42,900.
D) The Retained Earnings account would increase by $29,900.
C .C) 1,300 x $33 = $42,900
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