Graves Corporation repurchased 2,000 shares of its own stock for $40 per share. The stock has a

Question:

Graves Corporation repurchased 2,000 shares of its own stock for $40 per share. The stock has a par of $10 per share. A month later Graves resold 1,200 shares of the treasury stock for $48 per share.

Required

What is the balance of the treasury stock account after these transactions are recognized?

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...