Analyzing journal entries for treasury stock transactions
The following correctly prepared entries without explanations pertain to Triangle Corporation.
| Account Title | Debit | Credit |
1. | Cash Common Stock Paid-in Capital in Excess of Par Value | 2,100,000 | 1,000,000 1,100,000 |
2. | Treasury Stock Cash | 22,500 | 22,500 |
3. | Cash Treasury Stock Paid-in Capital in Excess of Cost of Treasury Stock | 13,600 | 12,000 1,600 |
The original sale (Entry 1) was for 200,000 shares, and the treasury stock was acquired for $ 15 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?
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