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Record the treasury stock transactions under the cost method

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Question

Before Kingbird Corporation engages in the following treasury stock transactions, 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

$94,500                                                     $260,700                   $80,900

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 360 shares of treasury stock at $41 per share.

(b) Bought 320 shares of treasury stock at $46 per share.

(c) Sold 330 shares of treasury stock at $43 per share.

(d) Sold 110 shares of treasury stock at $39 per share.

Reference no: EM132380259

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