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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 Stock 230,000
Paid-in Capital in Excess of Par 32,200
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.
Required - Record the treasury stock transactions (given above) under the cost method.
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