Rinehart Corporation purchased from its stockholders4,500shares of its own previously issued stock for $216,000. It later resold1,500shares for $51per share, then1,500more shares for $46per share, and finally1,500shares for $40per 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

Debit

Credit

(To record purchase from stockholders.)

(To record sales of shares at $51per share.)

(To record sales of shares at $46per share.)

(To record sale of shares at $40per share.)