Create journal entries for purchase of the treasury stock

Reference no: EM131971720

Problem

Rinehart Corporation purchased from its stockholders 5,500 shares of its own previously issued stock for $280,500. It later resold 1,775 shares for $54 per share, then 1,775 more shares for $49 per share, and finally 1,950 shares for $43 per share.

Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

Reference no: EM131971720

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