Ellison Company's balance sheet shows: Common stock, $20 par..............................$3,000,000 Paid-in capital in excess of par........................1,050,000 Retained earnings.........................................750,000

Question:

Ellison Company's shows:
Common stock, $20 par..............................$3,000,000
Paid-in capital in excess of par........................1,050,000
Retained earnings.........................................750,000
Instructions
Record the following transactions by the cost method.
(a) Bought 8,000 shares of its at $29 a share.
(b) Sold 4,000 treasury shares at $30 a share.
(c) Sold 2,000 shares of treasury stock at $26 a share.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...