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m G 1 A B D Before Gordon Corporation engages in the treasury stock...

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Accounting

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m G 1 A B D Before Gordon Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances 2 3 (par value of its stock is $10.00 4 Paid-in Capital in Excess of Par-C. S. 5 $108,000 6 7 Instructions: per share) Common Stock $220,000 Retained Eamings $40,000 00 w N PH- 8 Record the treasury stock transactions (given below) under the cost method of handling treasury 9 stock; use the FIFO method for purchase-sale purposes. 10 (a) Bought 375 shares of treasury stock at $45 per share. 11 12 13 14 15 (6) Bought 320 shares of treasury stock at $56 per share. 16 17 18 19 20 (c) Sold 330 shares of treasury stock at $50 per share. 21 22 23 24 25 26 (d) Sold 120 shares of treasury stock at $37 27 per share 28 29 30 31 32 33 (e) shares are outstanding now 34 35 36 NNNN DO UW NOW nu

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