Question
The following correctly prepared entries without explanations pertain to Corners Corporation: Account Title Debit Credit 1. Cash 1,125,000 Common Stock 650,000 Paid-in Capital in Excess
The following correctly prepared entries without explanations pertain to Corners Corporation: Account Title Debit Credit 1. Cash 1,125,000 Common Stock 650,000 Paid-in Capital in Excess of Par Value 475,000 2.Treasury Stock 21,200 Cash 21,200 3.Cash 20,000 Treasury Stock 16,400 Paid-in Capital in Excess of Cost of Treasury Stock 3,600 The original sale (Entry 1) was for 450,000 shares, and the treasury stock was acquired for $4 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) 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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