California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $22 per share. Later in the year, the company decides to Purchase 100 shares at a cost of $25 per share.

Explanation:

The journal entries are as follows:

1. Cash Dr $22,000         (1,000 shares × $22 per share)

         To Common stock $1,000   (1,000 shares × $1 per share)

          To Additional paid in capital in excess of par value - common stock $21,000

(Being the issuance of the common stock is recorded)

2. Treasury Stock Dr $2,500        (100 shares × $25)

              To Cash  $2,500

(Being the repurchase of the shares is recorded)

Note: The shares are repurchased not purchased so we done the journal entry according to that

my economy is bad lots of people are poor and lots of people are jobless and homeless

answer; i believe the correct answer is (treasury bills);