Question
Ellison Company's balance sheet shows: Common stock, $20 par$3,000,000 Paid-in capital in excess of par1,050,000 Retained earnings750,000 Record the following transactions by the cost method.
Ellison Company's balance sheet shows:
Common stock, $20 par$3,000,000
Paid-in capital in excess of par1,050,000
Retained earnings750,000
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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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
8th Edition
73526916, 978-0073526911
