(Answered) Question - treasury stock - cost methodsituation before

Accounting

Question - Treasury Stock - Cost Method

Situation: Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value) of its stock is $30 per share).

Paid-in Capital in Excess of Par Common Stock Retained Earnings

$99,000 $270,000 $80,000

Instructions: Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

a) Bought 380 shares of treasury stock at $40 per share.

b) Bought 300 shares of treasury stock at $45 per share.

c) Sold 350 shares of treasury stock at $42 per share.

d) Sold 110 shares of treasury stock at $38 per share.

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