Record the treasury stock transactions

Reference no: EM13156578

Before Gordon 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 $30 per share)

Paid-in Capital in Excess of Pay: $99,000
Common Stock: $270,000
Retained Earnings: $80,000

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 380 shares of treasury stock at $40 per share.

(b) Bought 300 shares of treasury stock at $45 per share.

(d) Sold 110 shares of treasury stock at $38 per shares.

Reference no: EM13156578

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