Reference no: EM131590010

Question - The following correctly prepared entries without explanations pertain to Corners Corporation:

Account Title Debit Credit. 

1. Cash 1,250,000         

Common Stock 750,000        

Paid-in Capital in Excess of Par Value 500,000 

2. Treasury Stock 23,200         

Cash 23,200 

3. Cash 22,000         

Treasury Stock 18,400        

Paid-in Capital in Excess of Cost of Treasury Stock 3,600 

The original sale (Entry 1) was for 500,000 shares, and the treasury stock was acquired for $4 per share (Entry 2).

Required -

a. What was the sales price per share of the original stock issue? (Round your answer to 2 decimal places)

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?