Kathleen Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 1,500 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,500 shares for $40 per share.InstructionsPrepare journal entries for the purchase of the treasury stock and the three sales of treasury stock.

Chapter 11, Exercises #5

Kathleen purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 1,500 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,500 shares for $40 per share.

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

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...