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Suppose Exercise and Fashion West Corporation paid $18.75 per share for 770 shares of its own common stock on August 30, 2011, and then resold
Suppose Exercise and Fashion West Corporation paid $18.75 per share for 770 shares of its own common stock on August 30, 2011, and then resold these treasury shares for $24.25 per share on September 25, 2011. Show the transaction on September 25, 2011, in the accounting equation. What effect do these transactions have on the shareholders' equity section of the balance sheet at September 30, 2011? Show the transaction on September 25, 2011, in the accounting equation. Some of the account names will be abbreviated. (Use parentheses or a minus sign when entering component decreases or contra account increases. Use only the necessary input lines. Enter amounts to the nearest cent.) Assets Liabilities + Shareholders' Equity Contributed Capital + Retained Earnings Account $ Account Account $ Account +
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