Required information

[The following information applies to the questions displayed below.]

The following selected transactions occurred for Corner Corporation:

Feb.	1		Purchased 410 shares of the companys own common stock at $21 cash per share; the stock is now held in treasury.
July	15		Issued 105 of the shares purchased on February 1 for $31 cash per share.
Sept.	1		Issued 65 more of the shares purchased on February 1 for $16 cash per share.

Required information (The following information applies to the questions displayed below.) The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 410 shares of the company's own common stock at $21 cash per share; the stock is now held in treasury. July 15 Issued 105 of the shares purchased on February 1 for $31 cash per share. Sept. 1 Issued 65 more of the shares purchased on February 1 for $16 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