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1. Kwun, Inc. purchases 1,000 shares of its own previously issued $5 par 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?
ending inventory in the assembly department consists of 900 units which are 30 complete with respect to conversion
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