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Treasury Stock Kellman Company purchases 110,000 shares of treasury stock for $8 per share on September 4, 2014. Required: 1. How will this transaction affect

Treasury Stock

Kellman Company purchases 110,000 shares of treasury stock for $8 per share on September 4, 2014.

Required:

1. How will this transaction affect stockholders' equity? If there is no effect, choose "No effect" and enter zero ("0"). SelectIncreaseDecreaseNo effectItem 1 by $

2. How will this transaction affect net income? If there is no effect, choose "No effect" and enter zero ("0"). SelectIncreaseDecreaseNo effectItem 3 by $

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