Required information

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

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

On January $1,2022,$ Metco Incorporated reported $411,050$ shares of $$5$ par value common stock as being issued and

outstanding. On March $24,2022,$ Metco Incorporated purchased for its treasury $3,600$ shares of its common stock at a

price of $$37$ per share. On August $19,2022,1,450$ of these treasury shares were sold for $$43$ per share. Metco's directors

declared cash dividends of $$1\mathrm{.}50$ per share during the second quarter and again during the fourth quarter, payable on

June $30,2022,$ and December $31,2022,$ respectively. A $4\%$ stock dividend was issued at the end of the year. There were

no other transactions affecting common stock during the year.

Problem $8-28($Static$)$ Part c $-$ Horizontal Model

c$-1.$ Use the horizontal model for the sale of the treasury stock on August $19,2022.$ Indicate the financial statement effect.

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