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Help - With the part d Before Kingbird Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account
Help - With the part d
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). Paid-in Capital in Excess of Par-Common Stock Common Stock Retained Earnings $96,800 $297,000 $76,200 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) (a) (b) (c) (d) Bought 370 shares of treasury stock at $39 per share. Bought 280 shares of treasury stock at $45 per share. Sold 340 shares of treasury stock at $41 per share. Sold 100 shares of treasury stock at $37 per share. Debit Credit No. Account Titles and Explanation (a) Treasury Stock 14430 Cash 14430 (b) Treasury Stock 12600 Cash 12600 (c) Cash 13940 Treasury Stock 13260 Paid-in Capital from Treasury Stock 680 (d) Cash 3700 Paid-in Capital from Treasury Stock 1520 Treasury Stock 5220Step by Step Solution
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