CP$11-1($Algo$)$ Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance, Purchase, and Reissuance Transactions $[$LO $11-2]$

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Worldwide Company obtained a charter from the state in January that authorized $200,000$ shares of common stock, $$10$ par value. During the first year, the company earned $$38,000$ and declared no dividends; the following selected transactions occurred in the order given:

Issued $58,000$ shares of the common stock at $$12$ cash per share.

Reacquired $1,800$ shares at $$15$ cash per share from stockholders; the shares are now held in treasury.

Reissued $900$ of the shares in transaction $($b$)$ two months later at $$18$ cash per share.

CP$11-1($Algo$)$ Part $1$

Required:

$1.$ Indicate the account, amount, and direction of the effect on above transaction. $($Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.$)$