Before Smith Corporation engages in the treasury share transactions listed below, its general ledger reflects, among others,
Question:
Before Smith Corporation engages in the treasury share transactions listed below, its general ledger reflects, among others, the following account balances (par value is £30 per share).
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Instructions
Record the treasury share transactions (given below) under the cost method of handling treasury shares; use the FIFO method for purchase-sale purposes.
(a) Bought 380 treasury shares at £40 per share.
(b) Bought 300 treasury shares at £45 per share.
(c) Sold 350 treasury shares at £42 per share.
(d) Sold 110 treasury shares at £38 pershare.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Treasury Shares 380 X 40 15200 Cash 15200 b Treasury ...View the full answer
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