Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $10 per share).

Paid-in Capital in Excess of ParCommon Stock $108,000 , Common Stock $270,000, Retained Earnings $60,000

Instructions:

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

(a) Bought 380 shares of treasury stock at $50 per share.

(b) Bought 300 shares of treasury stock at $55 per share.

(c) Sold 320 shares of treasury stock at $52 per share.

(d) Sold 120 shares of treasury stock at $46 per share

(e) _________ shares are outstanding now