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Lomas Corporation's balance sheet reported the following:
Capital stock outstanding, $4,000 shares, par $20 per share $80,000.Paid-in capital in excess of par $50,000.Retained earnings $125,000.
The following transactions occurred this year:
a-Purchased 110 shares of shares of capital stock to be held as treasury stock, paying $52 per share.
b-Sold 80 of the shares of treasury stock at $60 per share.
c-Sold the remaining shares of treasury stock at $50 per share.
Instructions:
Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.
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