I need questions 1B and #2 answered, please. Thank you! b. Reacquired 450 shares of common stock at $18 per share on August 1.ActivityFinancingAccountsCash Decrease, Treasury Stock IncreaseStatement(s)Balance Sheet onlyHow 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.Balance SheetIncome StatementStockholders'NetAssetsLiabilitiesEquityRevenuesExpensesIncomeCashNo EntryTreasury StockNo EntryNo Entry2. 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 $40,600, which when compared to its original cost, yielded excess of selling price over costin the amount of $This "excess" or "gain"is shown on the balance sheet as a(n) increasein theadditional paid-in capital - treasury stockaccount. Treasury StockThe Stockholders' Equity section of Preston Enterprises' balance sheet on January 1, 2017, appeared as follows:Common stock, $10 par, 10,000 shares issued and outstanding $100,000Additional paid-in capital50,000Retained earnings80,000Total stockholders' equity$230,000Required:1. Identify and analyze the effect of each transaction.The following transactions occurred during 2017:a. Reacquired 1,000 shares of common stock at $20 per share on July 1.ActivityFinancingAccountsCash Decrease, Treasury Stock IncreaseStatement(s)Balance Sheet onlyHow 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 withminus sign.Balance SheetIncome StatementStockholders'NetAssetsLiabilitiesEquityRevenuesExpensesIncomeCash-20,000No EntryTreasury Stock-20,000No EntryNo Entry

Treasury stock is that stock which is repurchased or reacquired by the company from its…

b. Reacquired 450 shares of common stock at $18 per share on August 1. Activity Financing Accounts Cash Decrease, Treasury Stock Increase Statement(s) Balance Sheet only 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, L.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders Net Assets Liabilities Equity Revenues Expenses Income Cash No Entry Treasury Stock No Entry No Entry 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 $40,600, which when compared to its original cost, yielded excess of selling price over cost in the amount of s . This "excess" or "gain" is shown on the balance sheet as a(n) increase additional paid-in capital - treasury stock account.