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E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below] The following selected transactions occurred for Corner Corporation: February 1 Purchased 570 shares of the company's own common stock at $37 cash per share; the stock is now held in treasury. July 15 Issued 185 of the shares purchased on February 1 for $47 cash per share. September 1 Issued 145 more of the shares purchased on February 1 for $32 cash per share. E11-8 (Algo) Part 1 Required: Indicate the account, amount, and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Required information E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 570 shares of the company's own common stock at $37 cash per share; the stock is now held in treasury. July 15 Issued 185 of the shares purchased on February 1 for $47 cash per share. September 1 Issued 145 more of the shares purchased on February 1 for $32 cash per share. E11-8 (Algo) Part 2 . Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Required information E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below.] The following selected transactions occurred for Corner Corporation: February 1 Purchased 570 shares of the company's own common stock at $37 cash per share; the stock is now held in treasury. July 15 Issued 185 of the shares purchased on February 1 for $47 cash per share. September 1 Issued 145 more of the shares purchased on February 1 for $32 cash per share. E11-8 (Algo) Part 3 3. What impact does the purchase of treasury stock have on dividends paid? Required information E11-8 (Algo) Recording Treasury Stock Transactions and Analyzing Their Impact [LO 11-2, LO 11-3] [The following information applies to the questions displayed below] The following selected transactions occurred for Corner Corporation: February 1 Purchased 570 shares of the company's own common stock at $37 cash per share; the stock is now held in treasury. July 15 Issued 185 of the shares purchased on February 1 for $47 cash per share. September 1 issued 145 more of the shares purchased on February 1 for $32 cash per share. E11-8 (Algo) Part 4 4. What impact does the relssuance of treasury stock for an amount higher than the purchase price have on net income

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