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! Required information [The following information applies to the questions displayed below.] On April 10,...

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Accounting

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! Required information [The following information applies to the questions displayed below.] On April 10, 2019, Amelia Inc. purchased 500 shares of its own common stock in the market for $26 per share. On September 28, 2019, the company sold 300 of these shares in the open market at a price of $28 per share. Required: a. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the purchase of the treasury stock on April 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Liabilities Assets Stockholders' Equity Net Income = + = b. Use the horizontal model to show the effects on Amelia Inc.'s financial statements of the sale of the treasury stock on September 28, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Assets Liabilities Stockholders' Equity Net Income = + +

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