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 Par—Common 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.
(a) Bought 600 shares of treasury stock at $13 per share.
(b) Bought 450 shares of treasury stock at $15 per share.
(c) Sold 430 shares of treasury stock at $14 per share.
(d) Sold 400 shares of treasury stock at $11 per share