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P15-5(Treasury Stock-Cost Method) Before Gordon Corp. engages in the treasury stock transactions listed below, its...

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Accounting

P15-5(Treasury Stock-Cost Method) Before Gordon Corp. 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 cap in Excess of Par-Common Stock Common Stock Retained Earnings
$99,000 $270,000 $80,000
Instructions
Record the treasury stock transactions (given below) under the cost method of handing treasury stock; use the FIFO method for purchased-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 share.
(d) Sold 110 shares of treasury stock at $38 per share.

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