Use the information below to answer the following question(s):Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. Use only one letter for each element. You do not need to enter amounts.Increase = I Decrease = D No Effect = NA(Note that "No Effect" means that the event does not affect that element of the financial statements or that the event causes an increase in that element and is offset by a decrease in that same element.) Cooper Corporation purchased 500 shares of its own stock as treasury stock for $35 per share. The no-par stock had originally been issued by Cooper at $26 per share. 
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What will be an ideal response?
(D) (NA) (D) (NA) (NA) (NA) (D)
Purchasing treasury stock decreases assets (cash) and decreases stockholders' equity by increasing the contra equity account treasury stock. It is reported as a cash outflow in the financing activities section of the statement of cash flows.
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