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The following correctly prepared entries without explanations pertain to Corners Corporation: Account Title Debit Credit 1. Cash 1,800,000 Common Stock 1,100,000 Paid-in Capital in Excess
The following correctly prepared entries without explanations pertain to Corners Corporation: |
Account Title | Debit | Credit | |
1. | Cash | 1,800,000 | |
Common Stock | 1,100,000 | ||
Paid-in Capital in Excess of Par Value | 700,000 | ||
2. | Treasury Stock | 40,800 | |
Cash | 40,800 | ||
3. | Cash | 37,000 | |
Treasury Stock | 33,600 | ||
Paid-in Capital in Excess of Cost of Treasury Stock | 3,400 | ||
|
The original sale (Entry 1) was for 600,000 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) |
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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