Engages in the treasury stock transactions

Assignment Help Financial Accounting

Reference no: EM13746332

Before Waburton 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 $10 per share).

Paid-in Capital in Excess of Par—Common Stock

Common Stock

Retained Earnings

$1,833,000 $360,000 $278,000

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 600 shares of treasury stock at $13 per share.

(b) Bought 450 shares of treasury stock at $15 per share.

(d) Sold 400 shares of treasury stock at $11 per share

Reference no: EM13746332

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