1. Treasury stock should be shown on the balance sheet as a(n) _______________.
reduction of the corporation's stockholders' equity
current asset
current liability
investment asset
2. Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever make to the bank will be for $10,000 at the maturity date of the loan as the bank discounts the note at 10 percent. The proceeds to Malloy are _______________.
$10,000
$9,000
$9,750
$10,250
None of the above