Nanjing Corporation purchased from its shareholders 5,000 shares of its own previously issued shares for 250,000. It

Question:

Nanjing Corporation purchased from its shareholders 5,000 shares of its own previously issued shares for ¥250,000. It later resold 1,500 shares for ¥54 per share, then 2,000 more shares for ¥49 per share, and finally 1,500 shares for ¥40 per share.

Instructions
Prepare journal entries for the purchase 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...