transactio E13-8 Rinehart Corporation purchased from its stockholders 5,000 shares of its own pre- Joumalize viously issued stock for $255,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $43 per share. (LO 3) Instructions Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. transact stateme E13-9 Tran Corporation is authorized to issue both preferred and common stock. The par Journal value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 20,000 shares for cash at $53 per share. (LO 2,4 July 1 Issued 12,000 shares for cash at $57 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (c) Indicate the financial statement presentation of the related accounts. E13-10 Gilliam Corporation recently hired a new accountant with extensive experience in Prepar accounting for partnerships. Because of the pressure of the new job, the accountant was capital unable to review his textbooks on the topic of corporation accounting. During the first (LO 2. month, the accountant made the following entries for the corporation's capital stock. May 2 Cash 130,000 Capital Stock 130,000 (Issued 10,000 shares of $10 par value common stock at $13 per share) 10 Cash 600,000 Capital Stock 600,000 (Issued 10,000 shares of $50 par value preferred stock at $60 per share)