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Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,900 and the following selected transactions occurred in the order given: |
a. | Issued 57,000 shares of the common stock at $11 cash per share. |
b. | Reacquired 1,700 shares at $14 cash per share from stockholders; the shares are now held in treasury. |
c. | Reissued 850 of the shares in transaction (b) two months later at $17 cash per share. |
Required 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C
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