California surf clothing company issues 1,000 shares of $1 par value common stock at $32 per share. later in the year, the company decides to repurchase 100 shares at a cost of $35 per share. record the transaction if california surf reissues the 100 shares of treasury stock at $37 per share. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Explanation:

The journal entry is shown below:

Cash A/c Dr $3,700

      To Treasury Stock A/c $3,500

       To Additional Paid in Capital A/c $200

(Being the reissued shares are recorded)

The computation is shown below:

For cash account:

= 100 shares × $37 per share

= $3,700

For Treasury Stock Account

= 100 shares × $35 per share

= $3,500

And, for Additional Paid in Capital Account

= $3,700 - $3,500

= $200

For reissued shares, we debited the cash account and credited the treasury stock and Additional Paid-in Capital account

answer; limited pay life;

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total