On March 22, 2016, Amelia, Inc., purchased 500 shares of its own common stock in the market for $21 per share. On May 19, 2016, the company sold 300 of these shares in the open market at a price of $24 per share.Required:
Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.'s financial statements of:
(a.) The purchase of the treasury stock on March 22, 2016.(b.) The sale of the treasury stock on May 19, 2016.

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The Answer of On March 22, 2016, Amelia, Inc., purchased 500 shares of its own common stock in the market for $21 per share. On May 19, 2016, the company sold 300 of these shares in the open market at a price of $24 per share.Required:
Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.'s financial statements of:
(a.) The purchase of the treasury stock on March 22, 2016.(b.) The sale of the treasury stock on May 19, 2016.