e tollowing selected transactions occurred for Comer Corporationc eb.1 Purchased

Question

e tollowing selected transactions occurred for Comer Corporationc eb.1 Purchased 470 shares of the company's own common stock at $27 cash per share; the stock is uly 15 Issued 135 of the shares purchased on February 1 for $37 cash per share. now held in treasury ept1 Issued 95 more of the shares purchased on February 1 for $22 cash per share. References E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact LO 11-2, LO 11.3] Section Break 100 points Required information E11-8 Part 1 Required: 1. Indicating the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Iders' Equity Feb. 1 July 15 Sept. 1

Explanation / Answer

Assets = Liabilities + Stockholders equity 01-Feb Cash -12690 Treasury stock -12690 15-Jul Cash 4995 Treasury stock 3645 additional Paid in capital 1350 01-Sep Cash 2090 Treasury stock 2565 additional Paid in capital -475 01-Feb Treasury stock 12690 (470*27)            Cash 12690 15-Jul Cash 4995 (135*37)          Treasury stock 3645 (135*27)           Additional paid in capital treasury stock 1350 (135*10) 01-Sep Cash 2090 (95*22) Additional paid in capital treasury stock 475 (95*5)            Treasury stock 2565 (95*27)

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