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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.
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