Question 4 Partially correct Mark 7.74 out of 10.00 Flag question Edit question Identifying and Analyzing Financial Statement Effects of Stock Repurchase and Dividends Quinn Company has outstanding 17,500 shares of $10 par value common stock that was issued for an average of $24 per share. It also has $359,800 of retained earnings The company repurchases and retires 1,400 shares at $32 per share. Near the current year-end, the company declares and pays a cash dividend of $1.80 per share. Use the financial statement effects template to record (a) the share repurchase and (b) the dividend transaction. 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. Balance Sheet Cash Asset Earned Capital Noncash Assets Liabilities Reven Transaction (a) Share repurchase 44.800 x 0 0 Contrib. Capital 14.000 x Common stock 19,600 X Additional Paid-in Capit X 11.200 X N/A Cash N/A N/A Retained Earnings (b) Dividend payment 28.980 X 0 = 0 28.980 X : Cash N/A N/A N/A Retained Earnings N/A