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Keys, Inc. purchased 100 shares of its own common stock for $10 per share. The stock is now classified as ______ stock, a contra equity account, reported on the statement of stockholder's equity.
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Keys, Inc. purchased 100 shares of its own common stock for $10 per share. The stock is now classified as ______ stock, a contra equity account, reported on the statement of stockholder's equity.

User MomentH
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Answer:

Treasury Stock

Step-by-step explanation:

A firm`s purchase of its own stock is known as Treasury Stock. This is a a contra equity account, that is reported on the statement of stockholder's equity.

User Lokender Singh
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