Identifying Financial Statement Effects of Stock Issuance and Repurchase On January 1, Arcola Company issues 6,000 shares of $100 par value preferred stock at $250 cash per share. On March 1, the company repurchases 6,000 shares of previously issued $1 par value common stock at $106 cash per share. Use the financial statement effects template to record these two transactions. Use negative signs with answers, if appropriate. Balance Sheet Income Statement Noncash Assets Earned Capital Cash Asset + Contrib. Captial - Liabilities + + Revenues- Expenses - Net income Transaction Issue shares of preferred stock Repurchase shares of common stock