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Mini$-$Exercise $8-6($Algo$)$ Treasury stock transactions LO $8-6$

$[$The following information applies to the questions displayed below.$]$

On April $10,2022,$ Amelia Incorporated purchased $400$ shares of its own common stock in the market for $$20$ per share. On September $28,2022,$ the company sold $240$ of these shares in the open market at a price of $$23$ per share.

Mini$-$Exercise $8-6($Algo$)-$ Horizontal model

Required:

a$.$ Use the horizontal model to show the effects on Amelia Incorporated's financial statements of the purchase of the treasury stock on April $10,2022.$ Indicate the financial statement effect.

b$.$ Use the horizontal model to show the effects on Amelia Incorporated's financial statements of the sale of the treasury stock on September $28,2022.$ Indicate the financial statement effect.

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