Rinehart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock for $254,400. It later resold 1,825 shares for $51 per share, then 1,825 more shares for $46 per share, and finally 1,650 shares for $40 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock

Question 1 Rinchart Corporation purchased from its stockholders 5,300 shares of its own previously issued stock for $254,400. It later resold 1,825 shares for $51 per share, then 1,825 more shares for $46 per share, and finally 1,650 shares for $40 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.) Account Titles and Explanation Treasury Stock Debit Credit 254,400 Cash 254,400 To record purchase from stockholders.) 93075 Cash Treasury Stock Paid-in Capital from Treas Treas To record sales of shares at $51 per share.) 83950 Paid-in Capital from Treasi Treasury Stock (To record sales of shares at $46 per share) Cash Paid-in Capital from Treasi Retained Earnings Treasury Stock (To record sale of shares at $40 per share.) 66000