Describe how the following transactions affect the balance sheet, income statement, and statement of cash flows of Askins, Inc.:
a) On 2/1/12, Askins purchased for cash, in the open market, 1,000 shares of its own common stock at $40 per share.
b) On 7/1/12, 200 of the shares purchased on 2/1/12 were sold at $43 per share.

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The Answer of Describe how the following transactions affect the balance sheet, income statement, and statement of cash flows of Askins, Inc.:
a) On 2/1/12, Askins purchased for cash, in the open market, 1,000 shares of its own common stock at $40 per share.
b) On 7/1/12, 200 of the shares purchased on 2/1/12 were sold at $43 per share.

Describe How the Following Transactions Affect the Balance Sheet, Income