Novak Corp. purchased from its stockholders 5,700 shares of its own previously issued stock for...
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Novak Corp. purchased from its stockholders 5,700 shares of its own previously issued stock for $279,300. It later resold 1,600 shares for $52 per share, then 1,600 more shares for $47 per share, and finally 2,500 shares for $41 per share. Prepare journal entries for the purchase of the treasury stock and the three sales of treasury stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Cash Preferred Stock (To record purchase from stockholders.) Dividends (To record sales of shares at $52 per share.) Dividends (To record sales of shares at $52 per share.) (To record sales of shares at $47 per share.) (To record sale of shares at $41 per share.)
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