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Pina Colada Corp. purchased from its stockholders 5,700 shares of its own previously issued stock for $290,700. It later resold 1,825 shares for $54 per
Pina Colada Corp. purchased from its stockholders 5,700 shares of its own previously issued stock for $290,700. It later resold 1,825 shares for $54 per share, then 1,825 more shares for $49 per share, and finally 2,050 shares for $43 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 O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase from stockholders.) (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.)
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