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Before Concord Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its
Before Concord 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 $96,800 $297,000. $76,200 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. Bought 370 shares of treasury stock at $39 per share. b. Bought 280 shares of treasury stock at $44 per share. C. Sold 340 shares of treasury stock at $41 per share. P d. Sold 110 shares of treasury stock at $37 per share. No. Account Titles and Explanation a. Treasury Stock Cash Treasury Stock Cash C. Cash Treasury Stock Paid-in Capital from Treasury Stock d. Cash Paid-in Capital from Treasury Stock Treasury Stock eTextbook and Media List of Accounts Debit Credit
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