Oregon Outfitters issues 1,700 shares of $1 par value common stock at $19 per share. Later in the year, the company decides to purchase 160 shares at a cost of $18 per share. (1) Record the original issue of the 1,700 shares, (2) Record the purchase of 160 shares, and (3) Record the entry if Oregon Outfitters resells the 160 shares of treasury stock at $27 per share. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Oregon Outfitters issues 1,700 shares of $1 par value common stock at $19 per share. Later in the year, the company decides to purchase 160 shares at a cost of $18 per share. (1) Record the original issue of the 1,700 shares, (2) Record the purchase of 160 shares, and (3) Record the entry if Oregon Outfitters resells the 160 shares of treasury stock at $27 per share. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 8MCQ
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