Reference no: EM132563428
Ellison Company's balance sheet shows:
Common stock, $20 par $3,000,000
Paid-in capital in excess of par - common stock 1,050,000
Retained earnings 750,000
Total S/H Equity $4,800,000
Question 1: Record the following transactions by the cost method:
a. Ellison Co. bought 12,000 shares of its own common stock at $31 a share.
b. Ellison Co. sold 6,000 treasury shares at $32 a share.
c. Ellison Co. sold 3,000 treasury shares at $28 a share.
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