Oregon Outfitters issues 2,000 shares of $1 par value common stock at $18 per share. Later in the year, the company decides to repurchase 130 shares at a cost of $19 per share. (1) Record the original issue of the 2,000 shares,

(2) Record the repurchase of 130 shares, and

(3) Record the entry if Oregon Outfitters reissues the 130 shares of treasury stock at $26 per share. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Please refer to Explanation

Explanation:

1.

DR Cash $36,000

CR Common Stock $2,000

CR Paid In capital in Excess of Par $34,000

(To record Issuance of Common Stock)

Workings

Cash = 2,000 shares * $18

= $36,000

Common Stock

= 2,000 * $1 (par value)

= $2,000

Paid In Cap

= Cash - Common Stock

= 36,000 - 2,000

= $34,000

2.

DR Treasury Stock $2,470

CR Cash $2,470

(To record Repurchase of Stock)

Workings

Cash = 130 * 19

= $2,470

3.

DR Cash $3,380

CR Treasury Stock $2,470

CR Paid In Capital in Excess (Treasury Stock) $910

(To record reissuance of Treasury Stock)

Working

Cash = 130 *26

= $3,380

Paid In Capital

= Cash - Treasury Stock

= 3,380 - 2,470

= $910

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