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On July 1, Raney Corporation purchases500shares of its $5par value common stock for the treasury at a cash price of $9per share. On September 1,

On July 1, Raney Corporation purchases500shares of its $5par value common stock for the treasury at a cash price of $9per share. On September 1, it sells300shares of the treasury stock for cash at $11per share.

Journalize the two treasury stock transactions.

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