E11-5 Mad City Corporation purchased from its stoc...

E11-5 Mad City Corporation purchased from its stockholders 5,000 shares of its own previously
issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more
shares for $49 per share, and finally 1,000 shares for $40 per share. Instructions
Prepare journal entries for the purchase of the treasury stock and the three sales of treasury
stock.


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