Kelly Company had outstanding 50,000 shares of \(\$ 20\) stated value common stock, all issued at \(\$ 24\) per share, and had retained earnings of \(\$ 800,000\). The company reacquired 2,000 shares of its stock for cash at book value from the widow of a deceased stockholder.

a. Give the entry to record the reacquisition of the stock.

b. Give the entry to record the subsequent reissuance of this stock at \(\$ 50\) per share.

c. Give the entry required if the stock is instead reissued at \(\$ 30\) per share and there were no prior treasury stock transactions.