Problem:
The original sale of $50 par value common shares of Eddy Company was recorded as follows:
Cash 290,000
Common Stock 250,000
Paid in capital in excess of par 40,000
Record the treasury stock (given below) under the cost method
1) Bought 300 shares of common stock as treasury shares at $62
2) Sold 80 shares of treasury stock at $60
3) Sold treasury shares at $68