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JKCPA, CPA
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4. (TCO E) The original sale of the 450 par-value common shares

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4. (TCO E) The original sale of the 450 par-value common shares of Gray Company was recorded as follows:
Cash 290,000
Common stock 250,000
Paid-in capital in excess of par 40,000
Instructions:

Record the treasury stock transactions (given below) under the cost method.
Transactions:
(a) Bought 300 shares of common stock as treasury shares at $62
(b) Sold 80 shares of treasury stock at $60
(c) Sold four treasury shares at $68
Hi,

Thanks for requesting me.

Could you check the following items to make sure they were typed correctly?

1) "450 par-value common shares" or should this be "$50 par-value common shares"
2) "Sold four treasury shares at $68" or should this be "Sold 40 treasury shares at $68"

Customer: replied 5 years ago.

I think

 

1) $50 par-value common

2)sold 40 treasury shares at $68

Hi,

Thanks for the info.

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