Question 3 Partially correct Mark 1.33 out of 2.00 P Flag question Treasury Stock 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 Liabilities Income Statement Revenues Equity Expenses Net Income 0 % 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 Revenues Assets Liabilities Equity OX Expenses Net Income 0 X 0 0 O 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 Income Statement Revenues Liabilities + Expenses Net Income Equity OX 0 % Check