Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000 shares of $50 par value, eight percent preferred stock at $78 per share.

Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Determine the financial statement effect of the share issuances and the purchase of its own common shares.

Balance Sheet								Income Statement
Assets	=	Liabilities	+	Equity				Revenues	-	Expenses	=	Net Income
Answer		Answer		Answer				Answer		Answer		Answer

b. Assume that Coastal sold 2,000 shares of the treasury stock at $26 per share. Determine the financial statement effect of the sale of the treasury stock.

Balance Sheet								Income Statement
Assets	=	Liabilities	+	Equity				Revenues	-	Expenses	=	Net Income
Answer		Answer		Answer				Answer		Answer		Answer

c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $19 per share. Determine the financial statement effect of the sale of the treasury stock.

Balance Sheet								Income Statement
Assets	=	Liabilities	+	Equity				Revenues	-	Expenses	=	Net Income
Answer		Answer		Answer				Answer		Answer		Answer