The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. 2. 3. Cash Common stock Paid-in capital in excess of par value Treasury stock Cash Cash Req A Account Title Required a. What was the sales price per share of the original stock issue? b. How many shares of stock did the corporation acquire in Entry 2? Complete this question by entering your answers in the tabs below. Treasury stock Paid-in capital in excess of cost of treasury stock The original sale (Entry 1) was for 430,000 shares, and the treasury stock was acquired for $5 per share (Entry 2). c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively? Req B to C Debit 1,290,000 Req D 25,500 22,000 Credit 800,000 490,000 25,500 19,500 2,500 What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places 1

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

sa

The following correctly prepared entries without explanations pertain to Corners Corporation.
Event
Number
1.
2.
3.
Cash
Common stock
Paid-in capital in excess of par value
Treasury stock
Cash
Cash
Req A
Account Title
Required
a. What was the sales price per share of the original stock issue?
Complete this question by entering your answers in the tabs below.
b. How many shares of stock did the corporation acquire in Entry 2?
c. How many shares were reissued in Entry 3?
d. How many shares are outstanding immediately following Entries 2 and 3, respectively?
Req B to C
Debit
1,290,000
Treasury stock
Paid-in capital in excess of cost of treasury stock
The original sale (Entry 1) was for 430,000 shares, and the treasury stock was acquired for $5 per share (Entry 2).
Req D
25,500
22,000
Credit
800,000
490,000
25,500
19,500
2,500
What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places.)
Sales price
per share
Transcribed Image Text:The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. 2. 3. Cash Common stock Paid-in capital in excess of par value Treasury stock Cash Cash Req A Account Title Required a. What was the sales price per share of the original stock issue? Complete this question by entering your answers in the tabs below. b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively? Req B to C Debit 1,290,000 Treasury stock Paid-in capital in excess of cost of treasury stock The original sale (Entry 1) was for 430,000 shares, and the treasury stock was acquired for $5 per share (Entry 2). Req D 25,500 22,000 Credit 800,000 490,000 25,500 19,500 2,500 What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places.) Sales price per share
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