Before Smith Corporation engages in the treasury share transacti
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).


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.
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