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On August 19, Portland Corporation repurchases 6,100 shares of its outstanding common stock for $17 per share. On October 31, Portland sells 3,660 shares
On August 19, Portland Corporation repurchases 6,100 shares of its outstanding common stock for $17 per share. On October 31, Portland sells 3,660 shares of treasury stock for $19 per share. Any additional sales of treasury stock during the year were sold for $13 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 Treasury Stock Cash 0 0 Oct. 31 Cash Treasury Stock Additional Paid-In Capital-Treasury Stock 0 Nov. 17 Cash Additional Paid-In Capital-Treasury Stock Retained Earnings Treasury Stock 0 0 0
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