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Rinehart Corporation purchased from its stockholders 5, 700 shares of its own previously issued stock for dollar 290, 700. It later resold 1, 825 shares
Rinehart Corporation purchased from its stockholders 5, 700 shares of its own previously issued stock for dollar 290, 700. It later resold 1, 825 shares for $54 per share, then 1, 825 more shares for dollar 49 per share, and finally 2, 050 shares for dollar 43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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