Earles Corporation repurchased 4 000 shares of its own stock for
Earles Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par value of $10 per share. A month later Earles resold 2,500 shares of the treasury stock for $35 per share.
a. Record the two events in general journal format.
b. What is the balance of the treasury stock account after these transactions?
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