Pronghorn Corporation purchased from its stockholders 5,400 shares of its own previously issued stock for $275,400. It later resold 2,160 shares for $54 per share, then 2,160 more shares for $49 per share, and finally 1,080 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Pronghorn Corporation purchased from its stockholders 5,400 shares of its own previously issued stock for $275,400. It later resold 2,160 shares for $54 per share, then 2,160 more shares for $49 per share, and finally 1,080 shares for $43 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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