Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets February 1 Accumulated Other Comprehensive Income July 15 July 15 September 1 September 1 Liabilities Stockholders' Equity + + + + Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 cash per share. 2. Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "N Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the purchase of 480 shares of previously issued common stock for a price of $28 per share. Note: Enter debits before credits. Date General Journal Debit Credit February 01 View general journal Record entry Clear entry ! Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 cash per share. 2. Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the re-issuance of 140 shares of treasury stock previously purchased for a price of $28 per share and sold for a price of $38 per share. Note: Enter debits before credits. Date July 15 General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 cash per share. 2. Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, s Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the re-issuance of 100 shares of treasury stock previously purchased for a price of $28 per share and sold for a price of $23 per share. Note: Enter debits before credits. Date September 01 General Journal Debit Credit View general journal Record entry Clear entry Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 cash per share. 3. What impact does the purchase of treasury stock have on dividends paid? Dividends Therefore, the total amount of paid on treasury stock. paid is when treasury stock is purchased. ! Required information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 480 shares of the company's own common stock at $28 cash per share; the stock is now held in treasury. July 15 Issued 140 of the shares purchased on February 1 for $38 cash per share. September 1 Issued 100 more of the shares purchased on February 1 for $23 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.