On March 31, 2018, Water Front, Inc. shows the following data on its balance sheet:
Assume that Water Front sells 1500 shares of treasury stock at $33 per share. What is total stockholders' equity after this transaction?
A) $6,940,500
B) $7,039,500
C) $6,979,500
D) $7,000,500
B) $7,039,500
Explanation: Total stockholder's equity $6,990,000
Sale of treasury stock 49,500
Total equity after the sale of stock $7,039,500
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