Coastal Corporation issued 32,500 shares of $5 par value common stock at $68 per share and 7,800 shares of $50 par value, eight percent preferred stock at $312 per share. Later, the company purchased 3,900 shares of its own common stock at $80 per share. a. Determine the financial statement effect of the share issuances and the purchase of its own common shares. Balance Sheet Assets 2,047,500 x Liabilities 0 Equity 2,047,500 x Income Statement Revenues Expenses Net Income 0 0 0 b. Assume that Coastal sold 2,600 shares of the treasury stock at $104 per share. Determine the financial statement effect of the sale of the treasury stock. Balance Sheet Income Statement Assets 2,210,000 x = Liabilities 0 Equity 2,210,000 x Revenues Expenses = Net Income 0 0 0 c. Assume that Coastal sold the remaining 1,300 shares of treasury stock at $76 per share. Determine the financial statement effect of the sale of the treasury stock. Balance Sheet Assets 2,100,000 x = Liabilities 0 Equity 2,210,000 * Check Income Statement Revenues Expenses 0 0 = Net Income 0