Refer to the following information for Tolan Corporation: bullet Common Stock, $1.00 par, 106,000 shares issued, 100,000 shares outstanding bullet Paid-In Capital in Excess of Parlong dashCommon: $2,190,000 bullet Retained Earnings: $920,000 bullet Treasury Stock: 6,000 shares purchased at $21 per share If Tolan resold 2,500 shares of treasury stock for $22.50 per share, which of the following statements would be true?
The Treasury Stock account would decrease by $52,500.
The Retained Earnings account would increase by $56,250.
C.The Paid-In Capital in Excess of
account would increase by $2,500.
The Treasury Stock account would decrease by $26,250.