The following information applles to the questlons displayed below The following
ID: 2523271 • Letter: T
Question
The following information applles to the questlons displayed below The following selected transactions occurred for Corner Corporation Feb. 1 Purchased 470 shares of the company's own common stock at $27 cash per share; the stock is July 15 Issued 135 of the shares purchased on February 1 for $37 cash per share. now held in treasury Sept. 1 Issued 95 more of the shares purchased on February 1 for $22 cash per share value: Required information 1.42 points 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 1Explanation / Answer
Answer
Assets
Liabilities
Stockholders' Equity
Feb-01
Cash
$ (12,690.00) [470 x $27]
Treasury Stock
$ (12,690.00) [470 x $27]
Jul-15
Cash
$ 3,645.00 [135 x $27]
Treasury Stock
$ 3,645.00
Cash
$ 1,350.00 [135 x $10]
Additional Paid In capital -treasury Stock
$ 1,350.00
Sep-01
Cash
$ 2,090.00 [95 x $22]
Treasury Stock
$ 2,565.00
Additional Paid In capital -treasury Stock
$ (475.00)
Assets
Liabilities
Stockholders' Equity
Feb-01
Cash
$ (12,690.00) [470 x $27]
Treasury Stock
$ (12,690.00) [470 x $27]
Jul-15
Cash
$ 3,645.00 [135 x $27]
Treasury Stock
$ 3,645.00
Cash
$ 1,350.00 [135 x $10]
Additional Paid In capital -treasury Stock
$ 1,350.00
Sep-01
Cash
$ 2,090.00 [95 x $22]
Treasury Stock
$ 2,565.00
Additional Paid In capital -treasury Stock
$ (475.00)
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