Treasury Stock The Stockholders' Equity section of Zavala Industries' 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 Retained earnings Total stockholders' equity Required: 1. Identify and analyze the effect of each transaction. The following transactions occurred during 2017: 50,000 80,000 $230,000 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. Assets b. Reacquired 600 shares of common stock at $18 per share on August 1. Activity Accounts Statement(s) Balance Sheet Liabilities Stockholders' Equity Revenues 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. Assets Balance Sheet Liabilities Stockholders' Equity Revenues Income Statement Income Statement Expenses Net Income Net Expenses Income 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 $56,000, which when compared to its original cost, yielded in the amount of This is shown on the balance sheet as a(n) in the account