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Make journal entries to record transaction using cost method

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Question - Boston Company's balance sheet reports the following:

Common stock, $20 par $3,000,000

Paid-in capital in excess of par 1,050,000

Retained earnings 750,000

Required - Prepare journal entries to record the following transactions using the cost method.

(a) Bought 12,000 shares of its common stock at $29 a share.

(b) Sold 6,000 treasury shares at $30 a share.

(c) Sold 3,000 shares of treasury stock at $26 a share.

Reference no: EM132537793

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