The following selected transactions occurred for Corner Corporation: Purchased 4

Question

The following selected transactions occurred for Corner Corporation: Purchased 410 shares of the company's own common stock at $21 cash per share; the stock is now held in treasury. Issued 105 of the shares purchased on February 1 for $31 cash per share Issued 65 more of the shares purchased on February 1 for $16 cash per share. Feb. 1 July 15 Sept. 1 Section Break E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact LO 11-2, LO 11-3] velue: Required information 1.66 points 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 Cash 3,255 Sept. 1

Explanation / Answer

Date Assets = Liabilities + stockholder Equity Feb 1 Cash(410×$21) -8619 Treasury stock -8610 July 15 Cash(105×31) $3255 Treasury stock(105×21) $2,205 Additional paid in capital-treasury $1,050 Sep 1 Cash(65×$16) $1040 Treasury stock(65×21) $1,365 Additional paid in capital-treasury(65×5) -325

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