Accounting 101: Shares and stakeholders

Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock for $265,000. It later resold 1,600 shares for $53 per share, then 1,600 more shares for $48 per share, and finally 2,100 shares for $42 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)