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Record the treasury stock transactions

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Question: Treasury stock transactions.The original sale of the $50 par value common shares of Gray Company was recorded as follows:

Cash 290,000

Common Stock 250,000

Paid-in Capital in Excess of Par 40,000

Instructions: Record the treasury stock transactions (given below) under the cost method:

Transactions: (a) Bought 600 shares of common stock as treasury shares at $62.

(b) Sold 180 shares of treasury stock at $60.

(c) Sold 90 treasury shares at $68.

Reference no: EM132745264

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