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Prepare journal entries for the purchase of treasury stock

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Reference no: EM132324731

Question

Rinehart Corporation purchased from its stockholders 5,600 shares of its own previously issued stock for $274,400. It later resold 1,625 shares for $52 per share, then 1,625 more shares for $47 per share, and finally 2,350 shares for $41 per share.

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

Reference no: EM132324731

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