Accounting for Treasury Stock

On August 19, Portland Corporation repurchases 5,600 shares of its outstanding common stock for $10 per share. On October 31, Portland sells 1,680 shares of treasury stock for $12 per share. Any additional sales of treasury stock during the year were sold for $8 per share. On December 31, 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.