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Brief Exercise 10-43 Accounting for Treasury Stock On August 19, 2019, Portland Corporation repurchases 1,400 shares...

Brief Exercise 10-43
Accounting for Treasury Stock

On August 19, 2019, Portland Corporation repurchases 1,400 shares of its outstanding common stock for $9 per share. On October 31, 2019, Portland sells 600 shares of treasury stock for $13 per share. Any additional sales of treasury stock during the year were sold for $4 per share. On December 31, 2019, Portland had no remaining treasury stock.

Required:

Prepare the necessary journal entries to record any transactions associated with treasury stock.

2019 Aug. 19 Treasury Stock
Cash
Oct. 31 Cash
Treasury Stock
Additional Paid-In Capital-Treasury Stock
Nov. 17 Cash
Additional Paid-In Capital-Treasury Stock
Retained Earnings
Treasury Stock
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