Required information Problem 8-26 (Algo) Treasury stock transactions LO 6 (The following information applies to the questions displayed below.) On January 1, 2019, Metco Inc. reported 280,000 shares of $3 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 3,300 shares of its common stock at a price of $35.00 per share. On August 19, 2019, 660 of these treasury shares were sold for $44.00 per share. Metco's directors declared cash dividends of $0.90 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 1% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Problem 8-26 (Algo) Part a - Horizontal Model Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets Stockholders' Equity Net Income = Income Statement Revenues 1 Expenses