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A company's only treasury stock transactions for the current year follow (1) 1,000 shares of its common stock were purchased on June 1 for $40,000 ($40 per share); (2) On July 1 it reissued 500 of these shares at $45 per share; (3) On August 1 it reissued the 500 remaining treasury shares at $38 per share.

Prepare the journal entries required to record these transactions.

 

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