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Chen, Inc. purchases 1,000 shares of its own previously issued $5 per common stock for $12,000. Assuming the

shares are held in the treasury, what effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity? Chen, Inc’s treasure stock is resold for $15,000. What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity

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