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The following correctly prepared entries without explanations pertain to Corners Corporation: Credit Debit 1,230,000 Account Title 1. Cash Common Stock Paid-in Capital in Excess of
The following correctly prepared entries without explanations pertain to Corners Corporation: Credit Debit 1,230,000 Account Title 1. Cash Common Stock Paid-in Capital in Excess of Par Value 800,000 430,000 29,400 2. Treasury Stock Cash 29,400 25,000 3. Cash Treasury Stock Paid-in Capital in Excess of Cost of Treasury Stock 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? (Round your answer to 2 decimal places.) Sales price per share b. How many shares of stock did the corporation acquire in Entry 2? Corporation acquired shares of stock c. How many shares were reissued in Entry 3? Bharat shares d. How many shares are outstanding Immediately following Entries 2 and 3, respectively Entry 2 Entry 3
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