The following information applies to the questions displayed below The following

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The following information applies to the questions displayed below The following selected transactions occurred for Corner Corporation Feb. 1 Purchased 400 shares of the company's own common stock at $20 cash per share; the stock is July 15 Issued 100 of the shares purchased on February 1 for $30 cash per share. now held in treasury Sept. 1 Issued 60 more of the shares purchased on February 1 for $15 cash per share Required i 11.11 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 (8,000) 3,000 8,000) Feb. 1 July 15 reasury Stock reasury Stock Additional Paid-in Capital, Treasury Stock Sept. 1 Stock Paidin Capital, Treasury Stock

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Solution :-

Date Assets Amount($) Stockholder's Equity Amount($) Feb 1 Cash (8000) Treasury Stock(400*$20) (8000) Jul 15 Cash(100*$30) 3000 Treasury Stock(100*$20) 2000 Additional Paid in Capital (100*$10) 1000 Sep 1 Cash (60*$15) 900 Additional Paid in Capital (60*$5) (300) Treasury Stock (60*$20) 1200

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