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4. Ellison Company's balance sheet shows: Common stock, $5 par Paid-in capital in excess of par Retained earnings $1,000,000 350,000 250,000 Required (10 points): Record
4. Ellison Company's balance sheet shows: Common stock, $5 par Paid-in capital in excess of par Retained earnings $1,000,000 350,000 250,000 Required (10 points): Record journal entries for the following transactions by the cost method. (a) Bought 10,000 shares of its own common stock (treasury stock) at $9 a share. (b) Resold 5,000 shares of the treasury stock at $10 a share. (c) Resold 4,000 shares of the treasury stock at $7 a share
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