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The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. Cash Common stock Account Title Paid-in capital in excess of
The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. Cash Common stock Account Title Paid-in capital in excess of par value Treasury stock Cash Cashi Treasury stock Paid-in capital in excess of cost of treasury stock Debit. 1,640,000 Credit 1,010,000 630,000 39,900 39,900 35,000 31,500 3,500 The original sale (Entry 1) was for 410,000 shares, and the treasury stock was acquired for $7 per share (Entry 2). Required a. What was the sales price per share of the original stock issue? b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively?
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