Before Gordon Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share)....

Before Gordon Corporation engages in the following treasury stock transactions, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share).

Instructions

Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes.

a.    Bought 380 shares of treasury stock at $40 per share.

b.    Bought 300 shares of treasury stock at $45 per share.

c.    Sold 350 shares of treasury stock at $42 per share.

d.    Sold 110 shares of treasury stock at $38 per share.