Treasury Stock The Stockholders' Equity section of Tipton Corporation's 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 Retained earnings 80,000 Total stockholders' equity $230,000 Required: 1. Identify and analyze the effect of each transaction. The following transactions occurred during 2017: a. Reacquired 2,000 shares of common stock at $20 per share on July 1. Activity Financing Accounts Cash Decrease, Treasury Stock Increase Balance Sheet only Statement(s) Feedback 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 of