Oregon Outfitters issues 1,300 shares of $1 par value common stock at $21 per sh

Question

Oregon Outfitters issues 1,300 shares of $1 par value common stock at $21 per share. Later in the year, the company decides to repurchase 250 shares at a cost of $20 per share. (1) Record the original issue of the 1,300 shares, (2) Record the repurchase of 250 shares, and (3) Record the entry if Oregon Outfitters reissues the 250 shares of treasury stock at $27 per share. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the original issue of the 1,300 shares.

Explanation / Answer

1 Cash 27300 =1300*21        Common Stock 1300         Paid in capital in excess of par-Common Stock 26000 2 Treasury stock 5000 =250*20          Cash 5000 3 Cash 6750 =250*27        Treasury stock 5000 =250*20        Paid in capital-Treasury stock 1750

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