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Record the treasury stock transactions

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Problem - The original sale of the $50 par value common shares of Gray Company was recorded as follows:

Cash 271,400    

Common Stock 230,000    

Paid-in Capital in Excess of Par 41,400

Transactions:

(a) Bought 390 shares of common stock as treasury shares at $62.

(b) Sold 130 shares of treasury stock at $60.

(c) Sold 70 treasury shares at $69.

Record the treasury stock transactions (given above) under the cost method.

Reference no: EM131614318

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