The following correctly prepared entries without explanations pertain to Corners Corporation:

The original sale (Entry 1) was for 400,000 shares, and the treasury stock was acquired for $5 per share (Entry 2).

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?

c. How many shares were reissued in Entry 3?

d. How many shares are outstanding immediately following Entries 2 and 3, respectively?

Transcribed Image Text:

Account Title Debit Credit 1. Cash 1,000,000 Common Stock Paid-in Capital in Excess of Par Value 600,000 400,000 2. Treasury Stock 24,000 Cash 24,000 3. Cash 21,000 Treasury Stock Paid-in Capital in Excess of Cost of Treasury Stock 18,000 3,000