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Question: The original sale of the $50 par value common shares of Cullumber Company was recorded as follows:
Cash 262,200
Common Stock230,000
Paid-in Capital in Excess of Par32,200
Transactions: (a) Bought 410 shares of common stock as treasury shares at $62.
(b) Sold 110 shares of treasury stock at $60.
(c) Sold 50 treasury shares at $67.
Record the treasury stock transactions (given above) under the cost method. (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.)
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