On January 23, Oakley Co., for the first time in its short history, purchased 200 shares of its own common stock for $40 a share. On March 31, it sold 100 of those shares for $45 a share and properly recorded $500 as additional paid-in capital. On April 15, it sold the remaining 100 shares for $35 a share. Prepare the journal entry to record the April 15th transaction.

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The Answer of On January 23, Oakley Co., for the first time in its short history, purchased 200 shares of its own common stock for $40 a share. On March 31, it sold 100 of those shares for $45 a share and properly recorded $500 as additional paid-in capital. On April 15, it sold the remaining 100 shares for $35 a share. Prepare the journal entry to record the April 15th transaction.