E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2,

Question

E11-8 Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] The followtng information applies to the questlons displayed below The following selected transactions occurred for Corner Corporation Purchased 580 shares of the company's own common stock at $38 cash per share; the stock is now held In treasury Feb. 1 July 15 ISsued 190 of the shares purchased on February 1 for $48 cash per share. Sept 1 ssued 150 more of the shares purchased on February 1 for $33 cash per share References Section Break E11-8 Recording Treasry Stock Transactions and Analyzing Their Impact LO11-2, LO 11-3]

Explanation / Answer

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Asset Liabilites equity 1 -22040 Decrease [580*38] -22040 Decrease 2 9120 Increase [190*48] 7220   [190*38]Increase 1900   [190*(48-38)]Increase 3 4950 Increase [150*33] 5700   [150*38] Increase - 750     [150(38-33)]decrease

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