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Prepare journal entries for the purchase of treasury stock

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Problem

Rinehart Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $255,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $43 per share.

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

Reference no: EM131971691

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