Nanjing Corporation purchased from its shareholders 5,000 shares of its own previously issued shares for Y250,000 (Chinese

Question:

Nanjing purchased from its shareholders 5,000 shares of its own previously issued shares for Y250,000 (Chinese yuan). It later resold 2,000 shares for Y54 per share, then 2,000 more shares for Y49 per share and finally 1,000 shares for Y40 per shares.

Instructions
Prepare journal entries for the purchases of the treasury shares and the three sales of treasury shares.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...