The following selected transactions occurred for Corner Corporation: Purchased 4

Question

The following selected transactions occurred for Corner Corporation: Purchased 480 shares of the company's own common stock at $28 cash per share: the stock is now held in treasury. Feb. 1 July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. Sept. Issued 100 more of the shares purchased on February 1 for $23 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

Impact of transaction :

Assets = Liabilities + Stockholder's equity Feb 1 Cash -13440 Treasury Stock -13440 July 15 Cash 5320 Treasury Stock 3920 Paid in capital from sale of treasury Stock 1400 Sep 1 Cash 2300 Treasury Stock 2800 Paid in capital from sale of treasury Stock -500

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