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Prepare journal entry for transactions under cost method

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Reference no: EM132778513

Swifty Corporation's balance sheet reported the following:

Capital stock outstanding, 4,500 shares, par $30 per share $135,000

Paid-in capital in excess of par $79,700

Retained earnings $108,500

The following transactions occurred this year:

(a) Purchased 190 shares of capital stock to be held as treasury stock, paying $54 per share.

(b) Sold 150 of the shares of treasury stock at $59 per share.

(c) Sold the remaining shares of treasury stock at $44 per share.

Problem 1: Prepare the journal entry for transactions under the cost method of accounting for treasury stock.

Reference no: EM132778513

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