a. $2.40 cumulative preferred, no par value; 600,000 shares authorized, 470,000 shares issued, 28,000 shares held as treasury stock.
b. 10 percent, $50 par value preferred; 200,000 shares authorized, 124,000 shares issued and outstanding.
Envision Inc., purchased 3,800 shares of common stock for the treasury at $17 per share. A month later Envision sold 2,100 of these treasury shares at $18 per share. Explain how Envision, Inc., would account for the treasury stock transactions.
The solution is attached as a single sheet in Excel wherein the formulae can be viewed by highlighting the cell in question if they are not already clearly stated.