Rinehart Corporation purchased from its stockholders5,500shares of its own previously issued stock for $275,000. It later resold1,700shares for $53per share, then1,700more shares for $48per share, and finally2,100shares for $42per 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 $53per share.)

(To record sales of shares at $48per share.)

(To record sale of shares at $42per share.)