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.