The Stockholders' Equity section of Preston Enterprises' balance sheet on January 1, 2017, appeared as follows: Common stock, $10 par, 10,000 shares issued and outstanding $100,000 Additional paid-in capital 50,000 80,000 Retained earnings Total stockholders' equity $230,000 Required: 1. Identify and analyze the effect of each transaction. The following transactions occurred during 2017: a. Reacquired 1,400 shares of common stock at $20 per share on July 1. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses b. Reacquired 300 shares of common stock at $18 per share on August 1. Activity Accounts Statement(s) b. Reacquired 300 shares of common stock at $18 per share on August 1. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses 2. Assume that the company resold the shares of treasury stock at $28 per share on October 1. The resale price of the treasury stock is $47,600, which when compared to its original cost, yielded the account. in the amount of $ This is shown on the balance sheet as an) in