The original sale of the $50 par value common shares of Blue Company was recorded as follows:Cash 296,400 Common Stock 260,000 Paid-in Capital in Excess of Par 36,400Transactions:(a) Bought 420 shares of common stock as treasury shares at $61.(b) Sold 130 shares of treasury stock at $59.(c) Sold 60 treasury shares at $67.Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)No.Account Titles and ExplanationDebitCredit(a) (b) (c)

The treasury stock transactions under the cost method are shown below:

Answered: The original sale of the $50 par value…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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

Cash	296,400
Common Stock		260,000
Paid-in Capital in Excess of Par		36,400

Transactions:

(a)		Bought 420 shares of common stock as treasury shares at $61.
(b)		Sold 130 shares of treasury stock at $59.
(c)		Sold 60 treasury shares at $67.

Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)