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Identifying and Analyzing Financial Statement Effects of Stock Transactions Pyle Corp. reports the following transactions relating to its stock accounts in the current year.
Identifying and Analyzing Financial Statement Effects of Stock Transactions Pyle Corp. reports the following transactions relating to its stock accounts in the current year. (a) Feb. 3 Issued 60,000 shares of $5 par value common stock at $27 cash per share. (b) Feb. 27 Issued 13,500 shares of $50 par value, 8% preferred stock at $88 cash per share. (c) Mar 31 Purchased 7,500 shares of its own common stock at $30 cash per share. (d) June. 25 Sold 4,500 shares of its treasury stock at $38 cash per share. (e) July. 15 Sold the remaining 3,000 shares of treasury stock at $29 cash per share. Use the financial statement effects template to indicate the effects from each of these transactions. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction Cash Asset (a) Feb 3 (b) Feb 27 (c) Mar 31 Noncash Assets Balance Sheet Liabilities Income Statement Contrib. Capital Earned Capital Revenues Expenses Net Income Common Stock Preferred Stock (d) Jun 25 (e) Jul 15 = Treasury Stock = Treasury Stock
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