If Fitness and Fashion Corporation paid $10 per share for 590 shares of its own stock, how

Question:

If Fitness and Fashion Corporation paid $10 per share for 590 shares of its own stock, how would the transaction be shown in the accounting equation? How would the transaction be reflected in the shareholders’ equity section of the balance sheet?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...