Grover Company has outstanding 10,000 shares of $10 par valu…
Grover Company has outstanding 10,000 shares of $10 par value common stock, which had been issued at $42/share. During 2023, Grover purchased 1,000 treasury shares for $45/share and on June 1, 2024, Grover resold 100 of the treasury shares at $42/share. There were no other transactions involving this Treasury Stock. What is the impact of the June 1, 2024 transaction on the following financial statement categories: I = Increase D = Decrease NE = No Effect Assets Liabilities Stockholders’ Equity Paid-in-Capital Retained Earnings Net Income I I NE I NE D NE II I NE I NE NE I III NE NE NE NE D NE IV NE I NE NE D I