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The following selected transactions occurred for Corner Corporation:

February 1	Purchased 500 shares of the companys own common stock at $30 cash per share; the stock is now held in treasury.
July 15	Issued 150 of the shares purchased on February 1 for $40 cash per share.
September 1	Issued 110 more of the shares purchased on February 1 for $25 cash per share.

4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?

! Required information [The following information applies to the questions displayed below.) The following selected transactions occurred for Corner Corporation: February 1 Purchased 500 shares of the company's own common stock at $30 cash per share; the stock is now held in treasury. July 15 Issued 150 of the shares purchased on February 1 for $40 cash per share. September 1 Issued 110 more of the shares purchased on February 1 for $25 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts