Please answer question completely and correctly Martinez Corporation purchased from its stockholders 6,500 shares of its own previously issued stock for $ 331,500. It later resold2,600 shares for $ 54 per share, then 2,600 more shares for $ 49 per share, and finally 1,300 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 creditentries. Credit account titles are automatically indented when amount is entered. Do not indent manually,.)Account Titles and ExplanationDebitCredit(To record purchase from stockholders.)(To record sales of shares at $ 54 per share.)(To record sales of shares at $49 per share.)(To record sale of shares at $43 per share.)

Treasury stock is those shares which are repurchased by the company from the open market.

Answered: Martinez Corporation purchased from its…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.) Account Titles and Explanation I (To record purchase from stockholders.) (To record sales of shares at $54 per share.) (To record sales of shares at $49 per share.) Debit Credit
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