On February 3, 2012 Granger Corporation acquired 4,000 shares of its own $1 par value common stock for $30 per share. On May 24, 2012, 1,500 shares of the treasury stock were sold for $35 per share.
Prepare the journal entries to record the purchase and sale of the treasury stock.

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The Answer of On February 3, 2012 Granger Corporation acquired 4,000 shares of its own $1 par value common stock for $30 per share. On May 24, 2012, 1,500 shares of the treasury stock were sold for $35 per share.
Prepare the journal entries to record the purchase and sale of the treasury stock.

On February 3, 2012 Granger Corporation Acquired 4,000 Shares of Its