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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 Cash Treasury stock Paid-in capital in excess of cost of treasury stock Debit Credit 1,230,000 800,000 430,000 29,400 29,400 25,000 22,200 2,800 The original sale (Entry 1) was for 410,000 shares, and the treasury stock was acquired for $6 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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