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Rising Suns completed the following events during Year 2: 1. Issued 5,060 shares of $20 par common stock for $30 per share. 2. Repurchased 1,060
Rising Suns completed the following events during Year 2: 1. Issued 5,060 shares of $20 par common stock for $30 per share. 2. Repurchased 1,060 shares of its own common stock for $25 per share. 3. Resold 530 shares of treasury stock for $30 per share. Required: Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed
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