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Ellison Company's balance sheet shows: Common stock, $20 par $3,000,000 Paid-in capital in excess of par 1,050,000 Retained earnings 750,000 Instructions Record the following transactions

Ellison Company's balance sheet shows:

Common stock, $20 par $3,000,000

Paid-in capital in excess of par 1,050,000

Retained earnings 750,000

Instructions

Record the following transactions by the cost method.

(a) Bought 8,000 shares of its common stock at $29 a share.

(b) Sold 4,000 treasury shares at $30 a share.

(c) Sold 2,000 shares of treasury stock at $26 a share

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