Rinehart corporation purchased from its stockholders 5,500 shares of its own previously issued stock for $280,500. It later resold 1,775 shares for $54 per share, then 1,775 more shares for $49 per share, and finally 1,950 shares for $43 per share.

Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. ( The red are wrong and green ones are correct, please correct my wrong answers)

Account Titles and Explanation Debit Credit Treasury Stock 280,000 ill 280,000 Cash (To record purchase from stockholders.) Cash 95850 Treasury Stock 90525 Paid-in Capital from Treasury Stock (To record sales of shares at $54 per share.) Cash Paid-in Capital from Treasury Stock rfeasury Stock (To record sales of shares at $49 per share) Cash Paid-in Capital om reasury Stock 5325 86975 3550 90525 83850 15600