3. Treasury stock with a cost of $150,000 was retired noting that the 10,000 common shares of $10 par value were originally sold for $13 per share. 4. Inventory with a book value of $80,000 was...

3. Treasury stock with a cost of $150,000 was retired noting that the 10,000 common shares of $10 par value were originally sold for $13 per share.

4. Inventory with a book value of $80,000 was written off and equipment with a net book value of $840,000 and an original cost of $1,200,000 was written down to a net book value of $700,000, in part through the elimination of accumulated depreciation.