Cullumber Corporation purchased from its stockholders $5,000$ shares of its own previously issued stock for $$240,000.$ It later resold $1,500$ shares for $$51$ per share, then $1,500$ more shares for $$46$ per share, and finally $2,000$ shares for $$40$ 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 the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase from stockholders.$)$

$($To record sales of shares at $$51$ per share.$)$

$($To record sales of shares at $$46$ per share.$)$

$($To record sale of shares at $$40$ per share.$)$