The Corners Corporation experienced three events that affected its financial statements as shown below. Assume that the original issue (Entry 1) was for 400,000 shares, and the treasury stock was acquired for $5 per share (Entry 2).

Required
a. What was the sales price per share of the original stock issue?
b. How many shares of stock did the corporation acquire in Entry 2?
c. How many shares were reissued in Entry 3?
d. How many shares are outstanding immediately following Entries 2 and 3, respectively?

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Balance Sheet Income Statement Statement of Cash Flows Stk. Equity PIC In Excess of Par Assets PIC from Treasury Stock Rev. - Exp. NA = Net Inc. NA NA + Treasury Stk. Cash = Com. Stk. + 1,000,000 1,000,000 FA (24,000) FA NA 600,000 + 400,000 NA NA (24,000) NA NA NA 24,000 + NA NA 3,000 NA NA (18,000) + NA 21,000 NA NA 21,000 FA