Exercise 11-7 Your answen partially correct. Try again. Rinehart Carp 1cEO from its stOCknolders 5,300 sharese share, an its own previously issued stock for $254,400. It later resold 1,825 shares for $51 per share, then 1,825 maore shares for $46 per shares for $40 per are. 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. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Treasury Stock 254400 Cash 254400 (To record purchase from stockholders.) Cash 93075 Treasury Stock 87600 Paid-in Capital from Tre 5475 $51 per share.) To record sales of shares Cash 83950 Paid-in Capital from Treasu Treasury Stock (To record sales shares at $46 per share.) Cash 66000 Paid-in Capital from TreasL Retained Earnings Treasury Stock (To record sale of shares at $40 per share.)