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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 12,000 shares of its common stock at $29 a share.
(b) Sold 6,000 treasury shares at $30 a share.
(c) Sold 3,000 shares of treasury stock at $26 a share
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