Accounting for Treasury Stock On August Portland Corporation repurchases shares of its outstanding common stock forper share. On October Portland sells shares of treasury stock forper share. Any additional sales of treasury stock during the year were sold forper share. On December Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with treasury stock. If an amount box does not require an entry, leave it blank.Oct. Additional PaidIn CapitalTreasury StockNov. Additional PaidIn CapitalTreasury Stock.Treasury Stock.Feedback Check My Work When purchasing its own previously issued stock, corporations record a reduction to stockholders\' equity for the purchase amount of the treasury stock.