Pronghorn Corporation has $755,000$ shares outstanding. The shares have an average cost of $$43$ per share. On September $5,2023,$ the company repurchases $1,800$ of its own shares at $$77$ per share and does not cancel them. The shares are classified as treasury shares. On November $20,2023,$ the company resells $1,100$ of the treasury shares at $$83$ per share.

Prepare the journal entries for the repurchase and subsequent sale of the treasury shares. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

Answer rating: 100% (QA)

The journal entries for the repurchase and subsequ... View the full answer