The XYZ Corporation Sells 1 Million Shares of $2 Par

Essay

The XYZ Corporation sells 1 million shares of $2 par value common stock, for $17 per share. One year later, the corporation repurchases 100,000 shares at a market price of $14 a share. One year after that, it reissues the 100,000 shares at a market price of $22 a share.
For each transaction, prepare the journal entry and show the effect on assets, liabilities and stockholders'
equity.