(Answered) Question - treasury stockellison companys balance sheet

Accounting

Question - Treasury stock.Ellison Company's balance sheet shows: Common stock, $20 par $3,000,000

Paid-in capital in excess of par 1,050,000

Retained earnings 750,000

Instructions - Record the following transactions by the cost method.

(a) Bought 5,000 shares of its common stock at $29 a share.

(b) Sold 2,500 treasury shares at $30 a share.

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