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Prepare journal entry for transactions under cost method

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Reference no: EM132957046

Oriole Company's balance sheet reported the following:

Capital stock outstanding, 4,000 shares, par $30 per share $120,000

Paid-in capital in excess of par 83,700

Retained earnings 118,000

The following transactions occurred this year:

(a) Purchased 210 shares of capital stock to be held as treasury stock, paying $58 per share.

(b) Sold 160 of the shares of treasury stock at $63 per share.

(c) Sold the remaining shares of treasury stock at $49 per share.

Problem 1: Prepare the journal entry for these transactions under the cost method of accounting for treasury stock.

Reference no: EM132957046

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