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On July 1, Raney Corporation purchases 520 shares of its $6 par value common stock for the treasury at a cash price of $9 per

On July 1, Raney Corporation purchases 520 shares of its $6 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 320 shares of the treasury stock for cash at $12 per share. Journalize the two treasury stock transactions.

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