(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):
Additional paid-in capital
Total stockholders’ equity
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?