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On August 19, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $11...

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Accounting

On August 19, Portland Corporation repurchases 8,900 shares of its outstanding common stock for $11 per share. On October 31, Portland sells 2,670 shares of treasury stock for $17 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.

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