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Pawel Corporation purchases 400 shares of its $50 par value common stock at $55 per share. It then reissues 60 shares at $58 per share.

Pawel Corporation purchases 400 shares of its $50 par value common stock at $55 per share. It then reissues 60 shares at $58 per share. Required: Prepare the journal entries to record the purchase and the reissuance of the shares.

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