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 meth (a) Bought 5,000 shares of its common stock at $ (b) Sold 2,500 treasury shares at $30 a share. Sold 1,000 shares of treasury stock at $26 a sh Lump sum issuance of stock Parker Corporation has issued 2,000 shares of comma shares of preferred stock for a lump sum of $72,000 Instructions (a) Give the entry for the issuance assuming t common was $5 and the market value $30, and preferred was $40 and the market value $50. (Ea per share basis and there are ready markets for each (b) Give the entry for the issuance assuming th above except the preferred stock has no ready mar stock has a market value of $25 per share. 1 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 meth (a) Bought 5,000 shares of its common stock at $ (b) Sold 2,500 treasury shares at $30 a share. Sold 1,000 shares of treasury stock at $26 a sh Lump sum issuance of stock Parker Corporation has issued 2,000 shares of comma shares of preferred stock for a lump sum of $72,000 Instructions (a) Give the entry for the issuance assuming t common was $5 and the market value $30, and preferred was $40 and the market value $50. (Ea per share basis and there are ready markets for each (b) Give the entry for the issuance assuming th above except the preferred stock has no ready mar stock has a market value of $25 per share. 1