Reference no: EM132749015
Question: Ellison Company's balance sheet reports the following:
Common stock, $20 par $3,000,000
Paid-in capital in excess of par 1,050,000
Retained earnings 750,000
Could you please explain to me how to record transactions by cost method.
(a) Bought 12,000 shares of its common stock at $29 a share.
(b) Sold 6,000 treasury shares at $30 a share.
(c) Sold 3,000 shares of treasury stock at $26 a share.
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