7. On January 3, Russet Corporation purchased 2,000 shares of the company's $7 par value...
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7. On January 3, Russet Corporation purchased 2,000 shares of the company's $7 par value common stock as treasury stock, paying cash of $9 per share. On January 30, Russet sold 1,200 shares of the treasury stock for cash of $16 per share. Journalize these transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the purchase of the treasury stock
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