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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 32,000 shares of $5 par value common stock at $27 cash per share. (b) Feb. 27 Issued 7,200 shares of $50 par value, 8% preferred stock at $88 cash per share. (c) Mar.31 Purchased 4,000 shares of its own common stock at $30 cash per share. (d) June. 25 Sold 2,400 shares of its treasury stock at $38 cash per share. (e) July. 15 Sold the remaining 1,600 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 ) Feb 3 0 Cash Noncash Assets 0- Balance Sheet Liabilities Contrib. Capital Earned Capital 0 0 Common Stock 0 b) Feb 27 0- 0 0 Cash Preferred Stock ) Mar 31 0 0 = 0 0 Cash d) Jun 25 0 0- 0 0 0 Cash Treasury Stock 0 Jul 15 0 0- 0 0 0 Cash Treasury Stock 0
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