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Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1

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Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 100 shares of its common stock on May 1 for $5,000. On July 1 , it reissued 50 of these shares at $52 per share. On August 1, it reissued the remaining treasury shares at $49 per share. Record the necessary entries for these transactions

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