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Record the treasury stock transactions under the cost method

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Reference no: EM132829217

Question - The original sale of the $50 par value common shares of Sandhill Company was recorded as follows:

Cash $271,400

Common Stock $230,000

Paid-in Capital in Excess of Par $41,400

Transactions:

(a) Bought 420 shares of common stock as treasury shares at $61.

(b) Sold 130 shares of treasury stock at $60.

(c) Sold 70 treasury shares at $69.

Required - Record the treasury stock transactions (given above) under the cost method.

Reference no: EM132829217

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