(Answered) Problem - the original sale of the 50 par value common

Accounting

Problem - The original sale of the $50 par value common shares of Gray Company was recorded as follows:

Cash 271,400

Common Stock 230,000

Paid-in Capital in Excess of Par 41,400

Transactions:

(a) Bought 390 shares of common stock as treasury shares at $62.

(b) Sold 130 shares of treasury stock at $60.

Record the treasury stock transactions (given above) under the cost method.

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