Question: Elroy Corporation repurchased 4 000 shares of its own stock for

Elroy Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later Elroy resold 900 shares of the treasury stock for $32 per share.
Required
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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  • CreatedApril 20, 2015
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