The following selected transactions occurred for Corner Corporation: Feb.1 Purch

Question

The following selected transactions occurred for Corner Corporation: Feb.1 Purchased 590 shares of the company's own common stock at $39 cash per share; the stock is now held in treasury. July 15 Issued 195 of the shares purchased on February 1 for $49 cash per share. Sept. 1 Issued 155 more of the shares purchased on February 1 for $34 cash per share. References Section Break E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] value: 1.00 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 Liabilities Stockholders' Equity Feb. 1 July 15 Sept. 1

Explanation / Answer

Answer

Answer

Assets

Liabilities

Stockholders' Equity

Feb-01

Cash

$        (23,010.00)

Treasury Stock

$      (23,010.00)

[590 x $39]

Jul-15

Cash

$             7,605.00

Treasury Stock

$           7,605.00

[195 x $39]

Cash

$             1,950.00

Additional Paid In capital -treasury Stock

$           1,950.00

[195 x $10]

Sep-01

Cash

$             5,270.00

Treasury Stock

$           6,045.00

[155 x $34]

Additional Paid In capital -treasury Stock

$            (775.00)

Assets

Liabilities

Stockholders' Equity

Feb-01

Cash

$        (23,010.00)

Treasury Stock

$      (23,010.00)

[590 x $39]

Jul-15

Cash

$             7,605.00

Treasury Stock

$           7,605.00

[195 x $39]

Cash

$             1,950.00

Additional Paid In capital -treasury Stock

$           1,950.00

[195 x $10]

Sep-01

Cash

$             5,270.00

Treasury Stock

$           6,045.00

[155 x $34]

Additional Paid In capital -treasury Stock

$            (775.00)

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