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California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $18 per share. Later in the year, the company decides to Purchase 100 shares at a cost of $21 per share.

Record the transaction if California Surf reissues the 100 shares of treasury stock at $40 per share.

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Answer:

The answer is given below;

Explanation:

Cash  (100*40) Dr.$4,000

Treasury Stock,Common 100*21    Cr.$2,100

Paid in Capital, treasury stock 100*(40-21) Cr.$1,900

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