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 At the beginning of this year. The Richard Pryor Company completed an initial public offering OPOL, In that offering Pryor issued 25.000 shares of $1.00 par common stock for $2.85 per share. At the end of August. Pryor repurchased 2.500 shares of their Common Stock for $5.325 total (not per share into Treasury Stock. Show the necessary journal entry to record this event. Date 31 Aug Account Treasury Stock Debit Credit 55.325 55,325 Date 31 Aug Account Treasury Stock Reduction in paid in capital Debit Credit 57,125 $1.800 55,325 Cash Debit Credit Date 31-Aug Account cash Treasury Stock $5,325 Date 31 Aug Account Cash Reduction in Paid in capital Treasury Stock Debit Credit 57,125 $1,800 55.325

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