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Record the treasury stock transactions

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Question

Before Sunland 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 Par-Common Stock

Common Stock

Retained Earnings

$103,500

$260,700

$82,700

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a)Bought 370 shares of treasury stock at $40 per share.

(b)Bought 290 shares of treasury stock at $44 per share.

(c)Sold 340 shares of treasury stock at $42 per share.

(d)Sold 100 shares of treasury stock at $38 per share.

No.

Account Titles and Explanation

Debit

Credit

Reference no: EM132325534

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