Please show calculations Kieso, Intermediate Accounting, 16e Exercise 134 Elliso

Question

Please show calculations Kieso, Intermediate Accounting, 16e Exercise 134 Ellison Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par 1,080,000 Retained earnings $2,900,000 750,000 Record the following transactions by the cost method. (Credit account titles are automatically (a) (b) (c) Bought 8,000 shares of its common stock at $29 a share Sold 4,100 treasury shares at $30 a share. Sold 2,100 shares of treasury stock at $26 a share No. Account Titles and Explanation Debit Credit Show Work is REQUIRED for this question: Oen Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential

Explanation / Answer

Date Accounts Dr Cr a Treasury Stock [8000 * $29] 232000 To cash 232000 b Cash [4100 * $30] 123000 To Treasury stock [4100 * $29] 118900 To paid in capital from Treasury stock [4100*1] 4100 c. Cash [2100 * $26] 54600 paid in capital from Treasury stock 4100 Retained earnings 2200 To Treasury stock [2100 * $29] 60900

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