Exercise Kelly Company had outstanding 50,000 shares of $10 par value common stock, and had retained earnings of $ 800,000. The company reacquired 3,000 shares of its stock for cash at $40 per share. 1. Give the entry to record the reacquisition of the stock. 2. Give the entry to record the subsequent reissuance of 1,200 shares ofthis stock at $ 50 per share 3. Give the entry to record the subsequent reissuance of 800 shares of this stock at $28 per share. . Give the entry to record the subsequent reissuance of the remaining shares of this stock at $35 per share. 5. Give the entry required if the stock is instead reissued at $ 30 per share and there were no prior treasury stock transactions. GENERAL JOURNAL POST REF. Date Account/Description Debit Credit 72 OTHER Sonny Shade, Roni Rain, and Chloe Cloud form the Stormy Season partnership. Sonny has a capital balance of $200,000; Roni $300,000; and 73 Chloe $600,000. They invite Sal Pond to join the partnership for $100,000 for a 1/6 Interest. 75 1. Give the entry to record the new partner. 76 2. Now assume that Sal paid $200,000 for a 1/10 Interest. Give the entry. 77 3. Now assume that Sal bought out Sonny's interest for $150,000. Give the entry. GENERAL JOURNAL POST REF. Account/Description Debit Credit ALL