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Before Kingbird Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock
Before Kingbird 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). 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 0 for the amounts.) a. Bought 390 shares of treasury stock at $41 per share. b. Bought 320 shares of treasury stock at $46 per share. c. Sold 330 shares of treasury stock at $43 per share. d. Sold 120 shares of treasury stock at $39 per share. Question 3 of 20 7 /0.5 No. Account Titles and Explanation a. b. c. d. Debit Credit b. c
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