This question has four parts: Table (1 image) Journal Entry (3 images) Impact on...
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Accounting
This question has four parts:
Table (1 image)
Journal Entry (3 images)
Impact on Dividends (1 image)
Impact on Net Income (1 image)
Required Information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 410 shares of the company's own common stock at $21 cash per share; the stock is now held in treasury. July 15 Issued 105 of the shares purchased on February 1 for $31 cash per share. September 1 Issued 65 more of the shares purchased on February 1 for $16 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) 2. Prepare journal entrles for each of the transactions. (If no entry Is requlred for a transaction/event, select "No Journal Entry Required" In the flrst account fleld.) Journal entry worksheet Record the purchase of 410 shares of previously issued common stock for a price of $21 per share. Note: Enter debits before credits. 2. Prepare Journal entrles for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the flrst account fleld.) Journal entry worksheet Record the re-issuance of 105 shares of treasury stock previously purchased for a price of $21 per share and sold for a price of $31 per share. Note: Enter debits before credits. Prepare journal entrles for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the flrst account field.) Journal entry worksheet Record the re-issuance of 65 shares of treasury stock previously purchased for a price of $21 per share and sold for a price of $16 per share. Note: Enter debits before credits. 3. What Impact does the purchase of treasury stock have on dividends pald? 4. What Impact does the relssuance of treasury stock for an amount higher than the purchase price have on net Income
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Required Information [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 410 shares of the company's own common stock at $21 cash per share; the stock is now held in treasury. July 15 Issued 105 of the shares purchased on February 1 for $31 cash per share. September 1 Issued 65 more of the shares purchased on February 1 for $16 cash per share. Required: 1. Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) 2. Prepare journal entrles for each of the transactions. (If no entry Is requlred for a transaction/event, select "No Journal Entry Required" In the flrst account fleld.) Journal entry worksheet Record the purchase of 410 shares of previously issued common stock for a price of $21 per share. Note: Enter debits before credits. 2. Prepare Journal entrles for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the flrst account fleld.) Journal entry worksheet Record the re-issuance of 105 shares of treasury stock previously purchased for a price of $21 per share and sold for a price of $31 per share. Note: Enter debits before credits. Prepare journal entrles for each of the transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the flrst account field.) Journal entry worksheet Record the re-issuance of 65 shares of treasury stock previously purchased for a price of $21 per share and sold for a price of $16 per share. Note: Enter debits before credits. 3. What Impact does the purchase of treasury stock have on dividends pald? 4. What Impact does the relssuance of treasury stock for an amount higher than the purchase price have on net Income
