Carbide Corporation purchased 24,000 shares of its own stock for $41 per share.

Question

Carbide Corporation purchased 24,000 shares of its own stock for $41 per share. The next year, the company sold 4,000 shares for $41 per share and the following year, it sold 7,000 shares for $34 per share. Determine the impact of each of these transactions on the following classifications: (Enter a positive value for increase and a negative value for decrease. If no change, leave cell blank.) Liabilities Stockholders Net Income Equity Purchased 24,000 shares of treasury stock Sold 4,000 shares Sold 7,000 shares

Explanation / Answer

Assets Liabilities Stockholder's Equity Net Income Purchased 24000 shares of Treasury Stock (24000*41) -984000 -984000 Sold 4000 Share (4000*41) 164000 164000 Sold 7000 Share (7000*34) 238000 238000

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