Cash-value insurance is any policy that provides both a death benefit and an opportunity to accumulate cash value

The acquisition of treasury stock by a corporation

a. increases its total assets and total stockholders' equity. b. decreases its total assets and total stockholders' equity. c. has no effect on total assets and total stockholders' equity. d. requires that a gain or loss be recognized on the income statement.

Manning Company has the following items: write-down of inventories, $120,000; loss on disposal of Sports Division, $185,000; and loss due to strike, $113,000. Ignoring income taxes, what total amount should Manning Company report as extraordinary losses?

a. $ -0-. b. $185,000. c. $233,000. d. $298,000.