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Required information (The following information applies to the questions displayed below. On January 1, 2019,...

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Required information (The following information applies to the questions displayed below. On January 1, 2019, Metco Inc. reported 290,000 shares of $1 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 3,800 shares of its common stock at a price of $38.00 per share. On August 19, 2019, 700 of these treasury shares were sold for $43.50 per share. Metco's directors declared cash dividends of $0.70 per share during the second quarter and again during the fourth quarter, payable on June 30, 2019, and December 31, 2019, respectively. A 4% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. Required: a-1. Use the horizontal model for the treasury stock purchase on March 24, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Income Statement Balance Sheet Liabilities Assets Stockholders' Equity Net Income Revenues Expenses

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