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The original sale of the $50 par value common shares of Gray Company was recorded as follows: Cash 290,700 Common Stock 255,000 Paid-in Capital in

The original sale of the $50 par value common shares of Gray Company was recorded as follows: Cash 290,700 Common Stock 255,000 Paid-in Capital in Excess of Par 35,700 Transactions: (a) Bought 400 shares of common stock as treasury shares at $63. (b) Sold 130 shares of treasury stock at $59. (c) Sold 70 treasury shares at $67. Record the treasury stock transactions (given above) under the cost method.

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