Suppose Fitness and Fashion Corporation paid $20 per share for 690 shares of its own common stock

Question:

Suppose Fitness and Fashion Corporation paid $20 per share for 690 shares of its own common stock on August 30, 2011, and then resold these treasury shares for $22.50 per share on September 25, 2011. Show the transaction on September 25, 2011, in the accounting equation. What effect do these transactions have on the shareholders’ equity section of the balance sheet at September 30, 2011?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...