Problem #2: Before Waburton Corporation engages in the treasury stock transactions listed below, its general...
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Accounting
Problem #2: Before Waburton 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 $10 per share).
Paid-in Capital in Excess of ParCommon Stock
Common Stock
Retained Earnings
$1,833,000
$360,000
$278,000
Instructions
Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.
Bought 600 shares of treasury stock at $13 per share.
Bought 450 shares of treasury stock at $15 per share.
Sold 430 shares of treasury stock at $14 per share.
Sold 400 shares of treasury stock at $11 per share.
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