Which of the following are TRUE of treasury stock?
I. Treasury stock is authorized but not yet issued.
II. Treasury stock may pay a reduced dividend.
III. Treasury stock is issued but has no voting or dividend rights.
IV. Treasury stock is previously issued stock that has been repurchased by the issuing company.
A) I and II.
B) I and III.
C) II and IV.
D) III and IV.
Answer: D) III and IV.