Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common stock at $17 per share and 6,000 shares of $50 par value, eight percent preferred stock at $78 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Determine the financial statement effect of the share issuances and the purchase of its own common shares. Balance Sheet Assets Liabilities 300,000 x 0 Equity 431,000 x Income Statement Revenues Expenses Net Income 0 0 b. Assume that Coastal sold 2,000 shares of the treasury stock at $26 per share. Determine the financial statement effect of the sale of the treasury stock. Balance Sheet Income Statement Assets Liabilities 52,000 0 Equity 52,000 Revenues Expenses = Net Income 0 0 0 c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $19 per share. Determine the financial statement effect of the sale of the treasury stock. Balance Sheet Assets 19,000 = Liabilities + Equity 0 19,000 Check Income Statement Revenues Expenses Net Income 0 0 0