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Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account
Before Gordon Corporation engages in the treasury stock transactions listed below, 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 Pay: $99,000Common Stock: $270,000Retained Earnings: $80,000Instructions:Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.(a) Bought 380 shares of treasury stock at $40 per share.(b) Bought 300 shares of treasury stock at $45 per share.(c) Sold 350 shares of treasury stock at $42 per shares.(d) Sold 110 shares of treasury stock at $38 per shares.
