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Prepare journal entries for the purchase of treasury stock

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Reference no: EM132471988

Problem 1: Pronghorn Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $249,900. It later resold 1,725 shares for $54 per share, then 1,725 more shares for $49 per share, and finally 1,450 shares for $43 per share.

Question 1: Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

Reference no: EM132471988

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