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Problem $8-28($Algo$)$ Treasury stock transactions LO $8-3,8-6$

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

On January $1,2022,$ Metco Incorporated reported $285,000$ shares of $$6$ par value common stock as being issued and outstanding. On March $24,2022,$ Metco Incorporated purchased for its treasury $3,000$ shares of its common stock at a price of $$35\mathrm{.}00$ per share. On August $19,2022,500$ of these treasury shares were sold for $$41\mathrm{.}50$ per share. Metco's directors declared cash dividends of $$0\mathrm{.}90$ per share during the second quarter and again during the fourth quarter, payable on June $30,2022,$ and December $31,2022,$ respectively. A $5\%$ stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.

Problem $8-28($Algo$)$ Part a $-$ Horizontal Model

Required:

a$-1.$ Use the horizontal model for the treasury stock purchase on March $24,2022.$ Indicate the financial statement effect.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.

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