Accounting for Treasury Stock

On August 19, Portland Corporation repurchases 3,500 shares of its outstanding common stock for $17 per share. On October 31, Portland sells 1,575 shares of treasury stock for $22 per share. Any additional sales of treasury stock during the year were sold for $11 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.

Aug. 19	Accounts PayableAdditional Paid-In Capital-Common StockCashCommon StockTreasury StockTreasury Stock
	Accounts PayableAdditional Paid-In Capital-Common StockCashCommon StockTreasury StockCash
Oct. 31	Accounts ReceivableAdditional Paid-In Capital-Treasury StockCashPreferred StockTreasury StockCash
	Accounts PayableCommon StockPreferred StockRetained EarningsTreasury StockTreasury Stock
	Accounts PayableAdditional Paid-In Capital-Common StockAdditional Paid-In Capital-Preferred StockAdditional Paid-In Capital-Treasury StockCashAdditional Paid-In Capital-Treasury Stock
Nov. 17	Accounts PayableAdditional Paid-In Capital-Preferred StockCashCommon StockTreasury StockCash
	Additional Paid-In Capital-Common StockAdditional Paid-In Capital-Treasury StockDividends PayablePreferred StockTreasury StockAdditional Paid-In Capital-Treasury Stock
	Accounts ReceivableAdditional Paid-In Capital-Common StockCommon StockPreferred StockRetained EarningsRetained Earnings
	Additional Paid-In Capital-Treasury StockCashDividends PayableRetained EarningsTreasury StockTreasury Stock