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YWILI. (The following information applies to the questions displayed below.) On April 10, 2019, Amelia Inc. purchased 250 shares of its own common stock
" YWILI. (The following information applies to the questions displayed below.) On April 10, 2019, Amelia Inc. purchased 250 shares of its own common stock in the market for $14 per share. On September 28, 2019, the company sold 150 of these shares in the open market at a price of $17 per share. Required: a. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 10, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is complete but not entirely correct. Balance Sheet Liabilities Income Statement Revenues Assets Net Income Stockholders' Equity Treasury stock Cash 2,550 X + 2,400 X b. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the sale of the treasury stock on September 28, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Income Statement Revenues Assets Stockholders' Equity Net Income = Activate Windows Go to Settings to activate Windows
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