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Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for...

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Accounting

Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per share, and finally 1,650 shares for $44 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

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