Elroy Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a

Question:

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?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...