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Brief Exercise 8-5 Effect of treasury stock on the horizontal statements model The following information...

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Brief Exercise 8-5 Effect of treasury stock on the horizontal statements model The following information pertains to Rising Suns Corporation at January 1, Year 2: Rising Suns Corp. completed the following events during Year 2: 1. Issued 5,000 shares of $20 par common stock for $30 per share. 2. Repurchased 1,000 shares of its own common stock for $25 per share. 3. Resold 500 shares of treasury stock for $30 per share. Required Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). An example of a horizontal statements model containing the companies' beginning balances is shown below

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