Refer to the information in E8-25A. How many shares of common stock will be classified as issued at June 30? How many shares will be classified as outstanding at June 30?
In E8-25A, Show how each of the following transactions affects the accounting equation:
March 1 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750
April 1 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share
June 30 Purchased 1,000 shares of treasury stock for $3 per share (i.e., the company bought its own common stock in the stock market)