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?