How much did stockholders’ equity increase or decrease as a result of the 2 treasury stock…

(Learning Objective 3: Accounting for the purchase and sale of treasury stock) General Marketing Corporation reported the following stockholders’ equity at December 31. (adapted and in millions):

Common stock

$ 243

Additional paid-in capital

297

Retained earnings

2,159

Treasury stock

(691)

Total stockholders’ equity

$2,008

During the next year, General Marketing purchased treasury stock at a cost of $28 million and resold treasury stock for $7 million (this treasury stock had cost General Marketing $3 million). Record the purchase and resale of General Marketing’s treasury stock. Overall, how much did stockholders’ equity increase or decrease as a result of the 2 treasury stock transactions?

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