Required informationThe following information applies to the questions displayed below]The following selected transactions occurred for Corner Corporation:Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is nowheld in treasuryJuly 15 Issued 155 of the shares purchased on February 1 for $41 cash per shareSept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share.4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?The reissuance of treasury stock for more or less than its original repurchase costaffect net income. The transaction affects onlyaccounts

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Asked Dec 21, 2018
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Required information
The following information applies to the questions displayed below]
The following selected transactions occurred for Corner Corporation:
Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now
held in treasury
July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share
Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share.
4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income?
The reissuance of treasury stock for more or less than its original repurchase cost
affect net income. The transaction affects only
accounts
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Required information The following information applies to the questions displayed below] The following selected transactions occurred for Corner Corporation: Feb. 1 Purchased 510 shares of the company's own common stock at $31 cash per share; the stock is now held in treasury July 15 Issued 155 of the shares purchased on February 1 for $41 cash per share Sept. 1 Issued 115 more of the shares purchased on February 1 for $26 cash per share. 4. What impact does the reissuance of treasury stock for an amount higher than the purchase price have on net income? The reissuance of treasury stock for more or less than its original repurchase cost affect net income. The transaction affects only accounts

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As observed from above analysis made, the reissuance of treasury stock at a price more than cost price soed not affect the net income as the gain on reissue of treasury stock has been credited in Additional paid in capital-treasury stock account.

In the same way, the loss on res...

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