Prepare the journal entries needed for the following transactions occurring during 2013 for Valentino, Inc.:
a) On 2/1/13, Valentino purchased for cash, in the open market, 2,000 shares of its own common stock at $40 per share.
b) On 7/1/13, 800 of the shares purchased on 2/1/13 were sold at $38 per share.

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The Answer of Prepare the journal entries needed for the following transactions occurring during 2013 for Valentino, Inc.:
a) On 2/1/13, Valentino purchased for cash, in the open market, 2,000 shares of its own common stock at $40 per share.
b) On 7/1/13, 800 of the shares purchased on 2/1/13 were sold at $38 per share.

Prepare the Journal Entries Needed for the Following Transactions Occurring