This is an intermediate accounting question about Stockholder's Equity. (Chp15)

1. Todd's 12-31-14 balance sheet reported:

Common stock outstanding: 600,000 shares, par $1 per share $600,000

Paid-in capital in excess of par value 2,400,000

Retained earnings 30,000,000

The following transactions occurred this year:

1. During February 2015, Todd purchased 200,000 shares of its common stock and paid $10 per share. This was Todds first purchase of treasury stock.
2. During April 2015, Todd sold 100,000 of the treasury shares for $9.50 per share.
3. During May 2015, Todd sold 50,000 of the treasury shares for $10.25 per share.
4. During July 2015, Todd purchased another 50,000 shares of its common stock and paid $9.95 per share.
5. During August 2015, Todd sold 80,000 of the treasury shares for $10.50 per share.
6. During September 2015, Todd purchased another 10,000 shares of its common stock and paid $11 per share.
7. During December 2015, Todd sold 15,000 of the treasury shares for $15 per share.

Assume Todd uses a FIFO method to account for cost of treasury shares it reissues. Prepare the entry for each of these transactions under the cost method of accounting for treasury stock.