(Answered) 1 mad city corporation purchased from its stockholders 5000

Accounting

1. Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. 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 $40 per share.

Instructions

Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

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