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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.
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