Phoenix Corporation purchases 1,000 shares of its own stock from Stewart,a shareholder,at a price of $50 a share.These shares will be known as:

Name: Phoenix Corporation purchases 1,000 shares of its own stock from Stewart,a shareholder,at a price of $50 a share.These shares will be known as:
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Question

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When a company purchases its own stock back from a shareholder, those shares become treasury shares. This means they are no longer outstanding and can be reissued or retired at a later time.

Phoenix Corporation Purchases 1,000 Shares of Its Own Stock from Stewart,a